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#3
08-11-2005, 05:01 AM
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 Re: Roth IRA contributions "Bill Lentz" <blentz[at]negatorygoodbuddy.prodigy.net> wrote: - quote - > I think I know the (intuitive) answer to this question, but
Tax Code Sec. 408A, which authorizes Roth IRA's, cross-references> am trying to conform my thinking. > Must contributions to a Roth IRA be in the form of cash, or > can I contribute stock? > (FWIW, my broker won't do accept a stock transfer, but I > can't find a source that prohibits it, and I did find one > that said sock could be contributed if the tax was paid on > appreciation.) the definition of 'traditional' IRA's in Sec. 408(a). The "written governing instrument" creating an IRA must say that "no contribution will be accepted unless it is in cash" -- with the exception of certain rollovers. Sec. 408(a)(1). Bob Daniels ("The tax code -- software written by lawyers." - 'G) << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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#2
08-11-2005, 05:00 AM
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| Re: Roth IRA contributions "Bill Lentz" <blentz[at]negatorygoodbuddy.prodigy.net> wrote: - quote - > I think I know the (intuitive) answer to this question, but
I don't know why you CAN'T find a source on it. The statute> am trying to conform my thinking. > Must contributions to a Roth IRA be in the form of cash, or > can I contribute stock? > (FWIW, my broker won't do accept a stock transfer, but I > can't find a source that prohibits it, and I did find one > that said sock could be contributed if the tax was paid on > appreciation.) itself says all contributions must be in the form of cash. -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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#1
08-11-2005, 04:59 AM
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| Re: Roth IRA contributions Bill Lentz at blentz[at]negatorygoodbuddy.prodigy.net wrote: - quote - > I think I know the (intuitive) answer to this question, but
All IRA contributions must be in the form of cash unless it> am trying to conform my thinking. > Must contributions to a Roth IRA be in the form of cash, or > can I contribute stock? is a rollover from another IRA or retirement plan. If you do a Traditional to roth conversion, you are in essence contributing stock. All freely provided advice guarantee correct or double your money back Frank S. Duke, Jr. CPA Cincinnati, OH USA << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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08-11-2005, 04:57 AM
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| Re: Roth IRA contributions "Bill Lentz" <blentz[at]negatorygoodbuddy.prodigy.net> wrote: - quote - > I think I know the (intuitive) answer to this question, but
ONLY cash can be contributed to any IRA. Stock cannot ever> am trying to conform my thinking. > Must contributions to a Roth IRA be in the form of cash, or > can I contribute stock? > (FWIW, my broker won't do accept a stock transfer, but I > can't find a source that prohibits it, and I did find one > that said sock could be contributed if the tax was paid on > appreciation.) be contributed except in the case of a rollover. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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#-1
08-11-2005, 02:12 AM
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| Roth IRA contributions I think I know the (intuitive) answer to this question, but am trying to conform my thinking. Must contributions to a Roth IRA be in the form of cash, or can I contribute stock? (FWIW, my broker won't do accept a stock transfer, but I can't find a source that prohibits it, and I did find one that said sock could be contributed if the tax was paid on appreciation.) Thanks Bill << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
| Tags |
| contributions, ira, roth |
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