Barry Margolin wrote:
- quote -

Under the 2002 tax changes, any IRA can be rolled over into
an employer's plan as long as the employer is willing to
accept it. There are some special rules the employer must
comply with if the IRA has a cost basis.

--
Alan
http://taxtopics.net

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"MissLivvy was:Curly" <XeveryidiwantistakenX[at]yahoo.com> wrote:

- quote -

No penalty.

--
David M. Woods, EA, ChFC, CLU
Woods Financial Services
Norwood, MA 02062
www.woods-financial.com

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MissLivvy was:Curly wrote:

- quote -

1. Your "rollover" IRA is no longer considered a rollover
IRA under the law. It's still a traditional IRA. But,

2. It doesn't matter under present law. You can roll
ANY traditional IRA into a retirement plan.

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"MissLivvy was:Curly" <XeveryidiwantistakenX[at]yahoo.comwrites:

- quote -

No. They're both available for traditional IRA
contributions.

Phil Marti
Topeka, KS

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MissLivvy was:Curly wrote:

- quote -

No. You are allowed to make annual contributions to any type
of traditional IRA.

- quote -

Yes, it is Kosher. See above.

All of the above assumes we are dealing with traditional
IRAs. I have no idea why you have mentioned the Roth IRA
income limitation if you don't have a Roth IRA.

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"MissLivvy was:Curly" <XeveryidiwantistakenX[at]yahoo.com> wrote:

- quote -

The only difference between a Rollover IRA and a regular IRA
is whether you can later roll it back into an employer
retirement plan. Since you've "tainted" the account with
non-rollover money, you'll no longer be able to do this. As
this is a pretty uncommon thing to want to do, it's probably
not a big deal. IRAs are generally more flexible than
401k's -- about the only benefit that 401k's have that IRAs
don't is the ability to take out a loan from the account (if
your company's plan allows this).

--
Barry Margolin, barmar[at]alum.mit.edu
Arlington, MA

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I have a Rollover IRA from several year's back when I rolled
out a 401k from a former employeer.

Last year, instead of putting $3,000 into my traditional
IRA, I notice that I accidentally deposited the cash into my
Rollover IRA account (I have both a Rollover IRA and a
traditional IRA and I simply got the 2 accounts mixed up).

I deducted the $3,000.

Is there a problem or tax penalty for doing this? Is the
deduction still "Kosher"? (Note: I took no other 401k or
retirement deductions last year, and my income exceeded the
Roth IRA limit)

TIA

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