Mr Cooper Group Inc fka COOP

[bumpkin]

I did not deal with Roth's as they were not available when I was in banking. The IRA's carried a penalty if you withdrew them before you were eligible. I have been having a Minimum Required withdrawal now for several years due to my age. If this money has all the taxes prepaid on it, it should not go into an IRA. The money that was put in the IRA account had no income tax was paid on it until it was withdrawn. When I get my MRW paid out to me, 20% off the top is paid to the IRS and I get the remainder. I truly think that this could be one reason for closing out these zero balance accounts. Any money we have coming to us, if the taxes are prepaid, can not go into an IRA account! That means, in my case, a new account will be opened for these funds to go into. That is great. If I were not past 59 1/2 years old, any funds I would take from an IRA would not only have 20% in taxes taken, there also would be a 10% penalty for early withdrawal of my IRA funds.
My son, now deceased, owned escrows thru his IRA. Upon his demise, his 3 children inherited these shares. With all zero balance accounts closed, these funds will be available for these younger folks to use now. No penalty or taxes due. It will be good for them.