The income from the funds withdrawn from an IRA and most pension plans is taxed as current income. The taxable figure should be added to your tax return. You can also obtain one from our Online Forms Center. Please complete and return this form to NDB 5-7 business days prior to the desired date of funds transfer. Deposits of securities are not allowed for IRA contributions.
Checks are the preferred method of contribution.
However, shares of stock are acceptable for transfers or rollovers. Your securities are taxed at the value on the date they were converted to the Roth account. If you meet the requirements to establish and contribute to a Roth IRA, you can contribute to both your Traditional IRA and your Roth IRA in the same year. You must also file Form 8606 even if you have received IRA distributions during the tax year, as long as you have made nondeductible contributions to any of your IRA s. The Roth IRA became available in 1998.