purchasing private stock via roth ira
Hello,
Assuming all proper paperwork is done correctly, If I purchase private stock of a company using Roth funds and it takes longer than 60 days to receive the stock into my roth account, will I be in violation of the 60 day rule. The reason it may take longer than 6o days is due to processing the order.
If so, will the IRS grant me a waiver ?
The entire transaction will be handled by my broker account and third party.
Thank you,
Frank
Permalink Submitted by Alan Spross on Mon, 2011-12-05 00:12
Is the broker your IRA custodian?
Permalink Submitted by Frank on Mon, 2011-12-05 04:40
yes.
Permalink Submitted by Alan Spross on Mon, 2011-12-05 16:28
Then there is no 60 day time limit, since this is not a distribution to you or a rollover by you. It is just a purchase that takes time to complete and the funds are never in your possession.
Permalink Submitted by Frank on Mon, 2011-12-05 17:00
thank you.