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Warning to all: First-time poster on this board!

I'm a minor who's interested in establishing a Roth IRA, but have encountered difficulties in doing so because of my inability to enter into contractual obligations. I've basically decided that, since I have only about 3 months until I reach majority, I may as well wait until then to begin funding a Roth.

I contacted Ameritrade, w/ which I currently have a custodial account, and was informed that although they can't set up an IRA for a minor, they will be able to internally transfer the securities from my custodial account to a new IRA account when I reach majority. Finally, this brings me to the question: I assume that this transfer will count against my 2001 Roth contributions, but *what* exactly will count--the market value of the securities at the time of transfer, or my cost basis for the securities?

Any input, whether assistance or direction to more appropriate boards, will be appreciated.


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