Income Taxes and Record Keeping ( tax ) Message Board

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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )

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To: Julie who wrote (937)	4/5/1998 1:27:00 AM
From: Colin Cody	Read Replies (4) of 5810

Your Broker would NEVER allow you to over draw the IRA account. Doing so would disqualify the IRA retroactive to January 1st and you'd have only 60 days from then (March 1st) to rollover the entire IRA account balance to a new IRA. otherwise you might have a premature IRA distribution, subject to ordinary rates and the 10% penalty... If you ever DID overdraw ---- because of T+3 you may have 3 days to get CASH into the account before disqualification. You may be able to make a bona-fide contribution, or you could SELL a stock with the order to "sell for cash" which is an IMMEDIATE CASH sale, settling at the close of business TODAY, not T+3 days away. Perhaps a covered call write would do the same thing (not sure if IRAs may write covered calls or not). Colin

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