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. Suppository 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?
     

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