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Author: TMFpixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76237  
Subject: Re: Can I make my own IRA without going through Date: 6/7/1997 7:03 PM
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Greetings, Darryl, and welcome.

<<I would like to know if anyone can tell me how to make my own IRA. I'd like to place at least my maximum contribution allowed into an IRA, but don't necessarily like all the funds out there. Can anyone help?>>

While you can't act as your own custodian, you are free to set up an IRA with virtually any broker, mutual fund, banker or insurance company of your choice. Once established, you can then contribute up to the maximum of $2K allowed in any year. The tax deductability of that contribution will depend on the availability of a qualified retirement plan through your (or a spouse's) employment, your Adjusted Gross Income, and your tax filing status. You can get all this info by ordering and reading IRS Publication 590, Individual Retirement Arrangements. It's free, and to order just call 1-800-TAX-FORM.

From the tenor of your post, it sounds like you desire to do your own investing. If so, then you will want to establish a self-directed IRA with a broker. Just call the one of your choice, and they'll tell you how that can be done.

Regards........Pixy
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