We have a potential client who has a non-deductible IRA that he wants to move from Janus to us.
#1) The funds will not transfer in kind - so they will be liquidated at Janus and then transferred to us to a brokerage account. Will all the accounting of the basis vs earning transfer with it and do we transfer it to an IRA brokerage account?
The same client has a ROTH with Janus that will be also transferring to a ROTH. No problem.
IF the client wants to purchase an annuity with the Non-deductible IRA funds once it transfers in to a brokerage account with us - can it go to an IRA annuity or should it go to a ROTH annuity?
Kind of a loaded question(s).