Mitt Romney's $102 million IRA; it takes someone special

Just like Hillary's live cattle trading! Bob Green (of greentradertax.com) has already chimed in on the subject.

 

i can. you are fricken wrong. but i will give you this. like my grandma used to say. some people are seldom righ but never in doubt.

 

I feel sorry for anyone who takes logicmans Ira "expertise" advise.

 

well that's cool, I feel sorry for you, so we're all even.

 

So your taking his IRA advise, good for you gramps.

But hey I appreciate your concern for me.

 

sorry man, I already got what I was looking for over on the economics thread, good luck to you.

CYA next weekend and we'll bullshit some more
otherwise, If you are American, Happy Fourth of July

It use to be fun when you were a kid and could damn near blow your friends finger off with a cherry bomb.

 

I guess the IRS is wrong, too, then.

http://www.irs.gov/publications/p590/ch01.html#en_US_2011_publink1000230422

More Than Maximum Contributions

If contributions to your IRA for a year were more than the limit, you can apply the excess contribution in one year to a later year if the contributions for that later year are less than the maximum allowed for that year. However, a penalty or additional tax may apply. See Excess Contributions , later, under What Acts Result in Penalties or Additional Taxes.

So, dude, where is your proof of the contrary? Obviously, the IRS rules ALLOW contributions beyond the maximum. Clearly, Romney made an excess, non-deductible, subject to additional tax contribution to his IRA at some point. He didn't grow it to $102M from a bunch of $5,000 contributions. Use some freaking common sense.

Seriously, if you want to see the direct application of your grandmother's saying, look in the mirror.

But, by all means, just quote your grandmother on how I'm wrong again. It's much more convincing than citing the actual IRS rules on the subject.

What passes for argument in debate amongst some of you would get you booted from a high school debate team on day 1.

 

See my response above to the other guy playing tax lawyer in the thread.

I feel sorry for people who make it a rule to disregard the old saying, "It is better to be silent and thought a fool, than to open one's mouth and remove all doubt".

 

hi robert. you are the chief tax guy around here. can you clear this up? is this a true statement?
"That's just the maximum annual deductible contribution. You can put $100 million in your IRA any time you want, "