Re: Stocks in IRA accounts

From: Rich Carreiro <rlcarr@animato.pn.com>
Subject: Re: Stocks in IRA accounts
Date: Fri, 4 Sep 1998 15:59:12 -0400

Next Article (by Date): Re: 3-year Rule Rich Carreiro
Previous Article (by Date): Re: DRIPs Derrick Cole
Articles sorted by: [Date] [Author] [Subject]

>>I am thinking about opening a Roth IRA with a broker and purchasing
>>individual stocks with the contributions.  The broker who told me that I can
>>contribute $2000, but my actual stock purchases cannot be for the whole
>wrong!
>get a new broker.  period.  If they can't give you accurate information
>get somebody else. 

And pray tell what did the broker get wrong?  If you pay commissions
on IRA trades with non-IRA money, those payments are treated as
IRA contributions.  If you already put in your $2000 for the year
and then paid IRA commissions with non-IRA money, you'd be making
excess IRA contributions and will incur an annual 6% penalty on
the excess contributions and earnings allocable to them.

Rich Carreiro
rlcarr@animato.pn.com
P5-100/RedHat Linux 4.1

- -

Next Article (by Date): Re: 3-year Rule Rich Carreiro
Previous Article (by Date): Re: DRIPs Derrick Cole
Articles sorted by: [Date] [Author] [Subject]

Go to Jeff Salisbury LWGate Home Page.