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

To: ChopChop99 who wrote (5871)	6/29/1999 9:31:00 PM
From: Keith Rosenblatt	Read Replies (2) \| Respond to of 16809

if I transfer stocks from a standard account into an IRA account, do I calculate the $10K max based on the current value of the stocks when they're transferred to the IRA, or calculate it based on the price I originally paid for the stocks? I'm not 100% certain, but I think the answer is that you cannot transfer stock into an IRA account. For one thing, if you bought stock for $1,000, then transferred it in when it was worth $10,000 (assuming you were allowed to do it) you would then have to pay taxes on the $9,000 gain. It would definitely be considered a $10,000 contribution to the IRA. But, again, I don't think you're allowed to do that at all.