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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.

TMF ExRO
Phil Marti
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