Skip to main content
Message Font: Serif | Sans-Serif
 
No. of Recommendations: 1
Here's my question. I don't believe he is keeping back cash to contribute to IRA, Roth or otherwise. Haven't actually *asked,* of course. I'm funneling cash into a brokerage account. Can I transfer "stuff in kind" at the end of the year of a sufficient value to cover him for maxed IRA plus catch-up?

As far as I know, all IRA contributions must be in cash, and so there's no way for you to do an in-kind transfer of a contribution.

That said, I also agree with the previous poster that the IRA contributions are the least of your problems. Is he paying his quarterly estimated taxes as is required here? He needs to remember that as a self-employed person, he will owe estimated taxes on his income as well as the employee and employer portions of FICA, so all of that needs to be included here as well.

Once you've established that he is properly paying his estimated taxes, then you can look to an IRA for him, and I would suggest looking at something for self-employed people as there are more choices and the limits are higher. Here's a link to Fidelity where they compare the various options https://www.fidelity.com/retirement-ira/small-business/compa...

But I really think you may have other issues to be worrying about before you get to how he is managing his retirement savings.
Print the post  

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.