Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Non-Tech : Wit Capital - The way of the future? -- Ignore unavailable to you. Want to Upgrade?

To: Shadowed who wrote (5851)	6/29/1999 9:15:00 PM
From: Richard N. Barg	Read Replies (1) \| Respond to of 16809

I can tell you that wit is very liberal on this issue. I am sitting here w/an AR on my Roth IRA account that has 9k in stock and only 300.00 cash in it. Unfortuantely I have maxed out my 1999 contribution and will not sell any stock because all is w/in the 60 day period. So I haven't confirmed on it. A brief reading of the IRS regs indicates that I will have some problems if I overcontribute to the Roth IRA and then pull the same amount (principal) out later this year. I won't have tax to pay on the withdrawn principal but leaving the earnings in the IRA on the principal could be problemattic. The tax laws were not meant to allow people to temporarily park funds in their IRA, pull the principle out and leave the earnings in there. Does anyone (any CPA types) have any different ideas? If this was Jupiter Networks, I would probably take the chance, but not on this one.