SEP IRA

Archive for December, 2008

Question: Help set up my stock brockerage account – like IRA and stuff? please help 10 points?

okey im nearly 16 i have £1500 which i have worked for all year and i am going to invest it i just need to know what boxes to tick

So the first one is Individual/Joint accounts and the options are:
Individual Account
Joint Account (Tenants in Common)
Joint Account (Rights of Survivorship)

Second Section is IRA accounts:
Traditional IRA
SEP IRA
Roth IRA
Educational IRA

ANd the third one is Corporate, Partnership and Trust accounts:
Corporate
Partnership
Sole Proprietorship
Investment Club
LLC
Trust

and the last ons is UTMA/UGMA accounts:
UTMA Account
UGMA Account

Thank you very much for helping , please dont tell me the risks , i know them

Answer: since you are 16 I’m guessing you are not married so joint account doesnt apply. Which then Sole Prop is default (optiuonally you dont even need to check any on that list at all). The IRA is up to you and it depends on British rules (as well as wether or not you can open up an account at 16) the last one I am totally unfamiliar with you need to look those two up and decide if it applies ot you. Good Luck.

PrivateLending 08