No. of Recommendations: 0
serbay says (sorry, I couldn't resist <grin>):

"Hi there,

I have purchased Intel and Walmart stock, and I have these questions:

1. Could I open an IRA account with the stock I've already purchased?
2. Once I open an IRA account, what would it happen if I purchase more than 2000 dls? at the year's end I will get an statement for the 2000 dls deductible and other for tax purposes?"

1. I believe all IRA contributions must be in cash.

2. I believe there is a penalty for excess contributions.

You might want to get more detailed information before proceeding with your plan. By the way, I like your choice of companies to invest in.
Best of luck.

-Chester :)

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