Christopher Green wrote:
- quote -

Of long standing I know personally, since on my wall is an
American History award from them when I was in the sixth
grade!

- quote -

I guess I'm going to have to force the issue with a long
standing client here and ask to see receipts from WW showing
the actual amount designated for IRA and compare with the
3000 for each they say contributed.

Since WW is aggressive in this area relative to life
insurance, I'm thinking part of the 3000 goes to buy life
insurance. You think?

Other comments still welcomed from any who see this.

Cheer$,
Harlan Lunsford

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Harlan Lunsford <lunstax[at]bellsouth.net> wrote:

- quote -

They're legit (see IRC 408(b)), and Woodmen of the World is
a fraternal organization of long standing (with close ties
to the Masons); they have a mutual insurance arm (Omaha
Woodmen Life Insurance Society).

Individual Retirement Annuities have very nearly the same
rules as Individual Retirement Accounts (408(a)) but are
typically offered by insurance companies.

Since contributions follow the usual IRA rules, it wouldn't
be all that surprising to encounter an annuity with basis
from non-deductible contributions.

[snip]

Is there some other reason that gives you cause for suspicion?

--
Chris Green

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"Harlan Lunsford" <lunstax[at]bellsouth.net> wrote

- quote -

Bad investments?

--
Paul A. Thomas, CPA
Athens, Georgia
taxman at negia.net

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Here is an old organization, been around a long time, and I
think came out of the Grange movements of last century.

Anyway, the sell financial services, among which are IRA's,
that's Individual Retirement Annuities. Ah Hah. I Know.

A client claimed the 2000 IRA contribution for many years
since I've known him, back to 1976 I think. Now he's
drawing from the "IRA", and I notice he has a basis, i.e.
Gross is one amount and taxable is another.

Client # 2, also has been contributing max to one, at least
since 1990 or thereabouts; he and his wife, separate "IRA"S.
I'm suspicious as heck, and I ask for some documetation.
Wife brings me form 5398's for each showing fmv of 16,000
plus (each) as of 12/31/2003. For the record, since 1990
means 12 years x 2000 plus one year at 3,000 contribution
each.

Something just don't sound right about this. See what I mean?

1. Anybody ever had any dealings with these?
2. What do you think happened to the money?

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