oldman74
May 7 2008, 08:12 AM
I have a mutual fund in a joint taxable account and would like to transfer it to my Roth IRA. I can contribute $6000 this year and the mutual fund has a $4000 value. Can I do this and I assume the value of the fund would be what its worth when I transfer it. Correct? That would allow me to add an additional $2000 to the Roth.
John G
May 7 2008, 08:28 AM
No, you can not. Contributions to an IRA or Roth must be made in cash.
The only transfers in kind that you can make are when you do a Roth conversion, which according to your post does not apply to your situation.
JanetM
May 7 2008, 09:28 AM
You would have to sell the shares and contribute cash. You could then contribute additional cash up to the $6,000 limit.
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