Skip to main content
No. of Recommendations: 0
I've read through the entire thread to date, and I want to re-emphasize one point and make one that hasn't been made, unless I'm having a senior moment.

You cannot transfer shares from a taxable account, e.g. your custodial account, to an IRA. Period. The Ameritrade rep you were talking to was full of beans. The cash contribution requirement is clear, and you'll find it in IRS Publication 590, among other places.

The new point. No one has mentioned that you must have earned income in order to contribute to an IRA. You are limited annually to the amount of your taxable compensation or $2,000, whichever is less. I mention this because it sounded to me like what you wanted to do was just change your custodial account into an IRA.

Phil Marti
Print the post  


The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
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.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
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.