How do I take existing stocks that I own and turn them all into an IRA?

Answer 1

You don't really turn stocks into an IRA. First, you open an Individual Retirement Account. You can do this at a bank, a stock brokerage house or even Ameritrade or some discount stock company. Then, you can transfer your stock into the account. You can't just transfer as much as you want though. There is a limit to how much you can put in each year. Also, you had to have earned as much money during the year as you are putting in. So, if you want to put $4,000 worth of stock in your IRA, you had to have earned $4,000 this year. You don't have to have bought the stock this year or anything. But the value of the stock when you put it in the account cannot be more that the IRS limit or the amount you earn this year (which ever is less).

Answer 2

You need to get a better handle on what an IRA is. Try to read up on it on the internet. My understanding is that its a retirement tool that defers taxes until after retirement, when your tax rate will be lower. You can put a limited amount of money in every year, you can reduce your taxable income by the contribution, and the money grows interest free.

I'm not sure if you can just roll stocks into an IRA. You'd probably have to pay any capital gains taxes on the gains already realized before they go into the IRA. Would be tricky. You need help from an attorney or accountant or a mutual fund company.

An existing stock portfolio and an IRA meet different needs and are treated differently by the taxes.

Answer 3

You can't, unless it's already qualified money. You can, however, turn a portion of your stock investments into a qualified IRA, up to the limit for 2007($5000) depending upon your age. If you have the stock, the redemption information is filled out on the back and your signature will need a signature medallion guarantee, not notarized. But if you purchased through a broker and the stock is held in a trust, contact the broker to sell and convert to an IRA.

Answer 4

Take a look at this article on "self directed IRA" s and see if it applies

http://www.businessweek.com/magazine/content/06_06/b3970114.htm