Under Current Law, is it possible to put $100,000,000.00 into an IRA?

Discussion in 'Politics' started by rdean, Aug 6, 2012.

  1. rdean
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    rdean rddean

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    IRAs are intended to allow workers to put away modest sums of money each year in order to help finance a middle class retirement. The savings are tax deferred, but there’s a legal limit — now $6,000 — on how much each IRA holder can contribute annually.

    Now top Democrats on the Budget, Ways and Means, and Education and Workforce Committees want to know how people of Romney’s wealth can end up with 100,000 times that much money in a single IRA, and how much the tax and investment strategies they employ cost the Treasury in revenue every year.

    How did Mittens get $100M in his IRA? Dems want to know ! // Current TV

    While there are limits to the amount that can be contributed tax-deferred to an IRA, there are no restrictions on the amount of money that the contributed capital can earn and can continue to earn, on a tax-deferred basis, even after the contributions have stopped. (The Internal Revenue Service will get its pound of flesh from Romney when he takes the money out of the IRA.) The only limit is the skill, or luck, of the IRA’s owner. If you are the Warren Buffett of IRA investors, it is conceivable that you could turn $450,000 into as much as $102 million -- an increase of 227 times -- but not very likely, especially as in the last decade or so, the stock market has been a roller coaster. Mere investing mortals would be lucky to still have $450,000 in the account. (The median American family has $42,500 in traditional IRAs, according to the Investment Company Institute.)

    The Secret Behind Romney

    He should tell us how he did it so we can all do it. Doncha think?
     
  2. Oddball
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    Oddball BANNED Supporting Member

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    How much you can contribute each year and how much the fund is worth now are two different things.

    Not difficult to fathom why this needs to be pointed out to someone like you , though. :lol:
     
  3. rdean
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    rdean rddean

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    Someone like me? You mean someone who "reads"?
     
  4. Mr. H.
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    Mr. H. Gold Member Supporting Member

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    You can put whatever the hell you want into your IRA. The "limit" has to do with the deductibility of the contribution.
     
  5. AmericanFirst
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    AmericanFirst Gold Member

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    Probably more legitimately then obamaturd got his money. Point? None as usual.
     
    Last edited: Aug 6, 2012
  6. AmericanFirst
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    AmericanFirst Gold Member

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    No, someone like you who is a complete idiot.
     
  7. Mac1958
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    Mac1958 Gold Member

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    .

    When you roll out of a 401K into a new advisory account, it's in the form of an IRA. So yes, whatever is in the 401K goes into a new IRA.

    We now return you to your regularly scheduled personal insults.

    .
     
    Last edited: Aug 6, 2012
  8. buckeye45_73
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    buckeye45_73 Lakhota's my *****

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    rdean owned in his own thread again.......run away run away, He is not dubbed Sir Robbin!
     
  9. Lakhota
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    Lakhota Gold Member

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    Many people are very curious about Mitt's IRA amount. How is that possible?

    More: 10 Theories About What Mitt Romney's Really Hiding in Those Tax Returns | Alternet
     
  10. rdean
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    rdean rddean

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    The sale of the government’s directory business is “a dark chapter in the country’s privatization history, one that has hurt Italians deeply,” said Bernardo Bortolotti, an economics professor at Turin University who advised the Italian Treasury on asset sales from 2002 through 2005. “It was a mistake from the start, damaged by a lack of transparency and the use of offshore funds.”

    Personally Involved

    While few ordinary Italians realize the link between Romney and the investor group, the deal symbolizes Italy’s economic woes and government futility as the nation struggles to convince investors that it can repay Europe’s second-largest debt without a bailout. The economy is in its fourth recession since 2001 and unemployment is at a 13-year high.

    Romney himself probably earned more than $50 million, and possibly as much as $60 million from the Italian directory sale of Seat Pagine Gialle SpA, according to a person familiar with the matter. The deal turned into one of the biggest windfalls of his tenure.

    Romney Persona Non Grata in Italy for Bain

    Maybe he got some of that money from Italy?
     
  11. rdean
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    rdean rddean

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    Best IRA CD Rates | Jumbo CD Investments, Inc.

    The highest rates quoted may require $100,000. Please let us know the amount of your investment, so that we can quote your IRA CD rates accurately.

    Traditional IRA and Roth IRA Contribution Limits

    Deposits into your IRA do not have to be made at the same time. (For example: In the year 2010, a 35 year old woman could deposit $416.67 into her IRA each month. At the end of the year, it would add up to the maximum $5,000.)

    The legal limits as far as the Internal Revenue Service is concerned per year is only $6,000.00 for an individual and Romney’s is worth 100 million dollars?

    At a rate of 6,000 per year, Mitt Romney would have had to contribute that amount for 16,667 years.

    Now does that seem a bit odd to you the taxpayer who can only live contribute during the years you are actually earning money, until you retire and maximum for the average individual that translates to perhaps 30 working years?

    How Romney Bloated his IRA to 101 Million Dollars | Politicol Commentary News

    I think Mitt should share his "secrets". Don't these right wingers want to know how their Cult Leader did it?
     
  12. Mac1958
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    Mac1958 Gold Member

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    As I inferred above, IRA contributions at $6,000 per year are not the only way to deposit money into an IRA. You can have a 401K, for example, to which he had contributed much more than that and roll it into an IRA. Simple. The $6,000 per year issue is absolutely and completely irrelevant. And if that linked article is claiming otherwise, it's either lying or ignorant.

    The question, however, would be how he accumulated all that money in his 401K or other company retirement plan. To determine that, I would need his plan documents, all statements, and at least two pots of freshly brewed coffee. Plus my standard hourly advisory fee. Maybe a tip for the annoyance factor, too, because I don't like the guy.

    If I had to make a guess off the top of my pointy little head, I'd bet on massively appreciated assets derived via equity on his Bain dealings. Stocks and/or options obtained for pennies (or less) on the dollar in exchange for pulling that company out of the fire, which is what Bain often does. Those funds were later rolled from his company retirement plan into an IRA.

    So, again, the $6,000 per year thing is meaningless.

    .
     
    Last edited: Aug 6, 2012
  13. rdean
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    rdean rddean

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    How big is your IRA? Must be "huge".
     
  14. Mac1958
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    Mac1958 Gold Member

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    Not sure why that's relevant. I just answered your question. Didn't you want an answer?

    .
     
  15. Rozman
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    Rozman Gold Member Supporting Member

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    I was able to roll over money from a 401k plan which was way over $6,000

    Anyway should we tell Rdean about this or just let him go on thinking he's the smartest guy here....

    What a douche! :D
     
  16. Lakhota
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    Lakhota Gold Member

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  17. CrusaderFrank
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    CrusaderFrank Gold Member

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    And this is how totally completely ignorant you have to be in order to support Democrat Party, Barack Obama and our first ever credit downgrade and record debt and deficits.

    Deany never learns, he just parrots. You can explain to him why he's wrong, but you need to do it about a billion times
     
  18. CrusaderFrank
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    CrusaderFrank Gold Member

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    Q. Under Current Law, is it possible to put $100,000,000.00 into an IRA?

    Answer 1. Yes

    Answer 2. Yes, Jackass
     
  19. Lakhota
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    Lakhota Gold Member

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    Google who caused the credit downgrade, record debt and deficits.
     
  20. Rozman
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    Rozman Gold Member Supporting Member

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    Of course Obama should not be held accountable for anything that happens
    while he is the President....:fu:
     

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