freshman in college with stock question

[whaskins09]

i just found this site yesterday from a link in kiplingers, and as a finance major this site caught my attention fast because im interested in all aspects of finance, i think of it as a lifelong game of monopoly and who doesnt love monopoly?

anyways here is my delema. i currently have a stock certificate for 432 shares of TimeWarner Inc. stock. because it was given to me when i was younger, the shares are technically in a custodial account, more specifically a "nj min trans act," or something along those lines (im in school in chicago but live in new jersey). im pretty sure that its called "nj trans act" but im not 100% positive as the certificate is in nj and im in chicago. my question is, how do i actually use the certificate to sell the stock and get money? the current price for time warner has remained constant for three years and i dont expect it to get any higher, and i would like to use it to invest in a ROTH IRA because i would be getting more out of it. im almost positive that the age for the custodial account to be transfered to the minor is 18 in nj, so legally i can sell them myself. can anyone tell me where i would go to do this, what the procedure is, if there would be comission costs associated with the selling by a broker or banker or whoever and what would be the best way to keep the most money out of my final sale. Thanks a million to anyone who can help me out

-william

[terry1156]

Re: freshman in college with stock question

What you need to do is get hold of the original stock certificates. Then you can take them to any broker and get them sold. There will be a commission, so you'll want to check around. You may be able to get a discount if you are willing to open an account with the firm that will sell them.

Also be prepared to pay taxes since it sounds like you have had them for awhile and probably have some capital gains. You'll also want to look into these tax implications and whether it would be better to sell part this year and part next year.

Welcome to the boards and it's always good to see people getting thier finances in order at a young age!

[whaskins09]

Re: freshman in college with stock question

thanks for the info, is there any one brokerage firm that is well-known or brokerage firm that seems to offer the best deals, or is it more of a thing where you go to whatever brokerage firm you can find?

[mom-from-missouri]

Re: freshman in college with stock question

Some banks also offer this service, and it may be free depending on the type of account that you have with that bank. So, check your bank when you are checking out brokers.