where does it say contributions must be made in cash to IRAs
I have a question. someone is asking me to direct them to the publication 590 to the proper verbaige that contributions must be made in cash. Do you know where that is in publication 590 or any other publication on the http://www.irs.gov website?
Permalink Submitted by mk foss on Fri, 2009-03-13 21:49
It is very specific in Section 219(e) of the internal revenue code. See below:
“any amount paid in cash for the taxable year by or on behalf of an individual to an individual retirement plan for such individual’s benefit”
Permalink Submitted by Alan Spross on Fri, 2009-03-13 22:09
The Pub 590 provision is on p 12 – “When Can Contributions be Made” – the cash requirement is covered there. Incidentally, this requirement applies only for regular IRA contributions, not for rollover contributions.