Messed up a transfer to vanguard and accidentally transferred a little over $100 into my brokerage account instead of my IRA

Submitted by Slightofhandartiste t3_127p14r in personalfinance

So my question is: is there an easy way to transfer the funds sitting in my brokerage account uninvested to my IRA or do I have to withdraw the funds from my brokerage account back to my bank account and then deposit the funds into my IRA after that?

Update: called vanguard customer support, cancelled the deposit so it wouldn’t go through.

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nolesrule t1_jef8sgh wrote

Select contribute to IRA for the account, then when picking source of funds select exchange from another fund. It will redo the interface and then you can select the brokerage settlement fund as source and then select the IRA to contribute.

You may have to wait unti lthe transfer settles.

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Slightofhandartiste OP t1_jef9vz7 wrote

That’s probably the case, I’ll wait until the funds are actually withdraw from my checking’s before trying it again

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DeluxeXL t1_jef2w5t wrote

Depends on the source of the transfer. If it was not a tax-advantaged account, you can just contribute normally to IRA from any non-tax advantaged account. For example, moving money from taxable brokerage to IRA is still a normal contribution. It doesn't have to come from a bank account.

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Slightofhandartiste OP t1_jef3l59 wrote

The source of the transfer to my brokerage account was just my bank account. So now the money is sitting in my brokerage account uninvested. The brokerage account is with Vanguard and so is my IRA

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DeluxeXL t1_jef3ns3 wrote

That's fine. Just contribute money from taxable brokerage account to IRA. You may have to wait for the deposit to settle in the taxable brokerage account first.

Alternatively, contribute from your bank account and then withdraw from the taxable brokerage account.

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t-poke t1_jef3uy5 wrote

Just transfer the money from the brokerage account to the IRA. Nothing wrong with this, people do it all the time.

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Slightofhandartiste OP t1_jef77xu wrote

I’m trying to do that but vanguard only has my bank account as an option to transfer to and from my brokerage account and my IRA

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t-poke t1_jef7ni1 wrote

Well, then you have two options here.

One, you can call Vanguard and probably have this resolved in 5 minutes

Two, you can transfer it from your brokerage, back to your checking account, then from your checking account to your IRA.

I'd go with option 1.

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