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#5
03-25-2005, 03:31 AM
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 Re: IRA contribution ? "golf" <imrangolf[at]yahoo.com> wrote: - quote - > David Woods, EA, ChFC, CLU wrote:
If you have a question about why TurboTax does what it does,> > "Joe C" <no-more-spam[at]no-spam.com> wrote: > > > I have a traditional IRA in which I have > > > a portion invested in laddered CDs. Can I > > > temporarily deposit money($10,000) in my > > > IRA and then remove it about a month later > > > without any penalties or complications > > No. > I have a question along similar lines. If one inputs $10,000 > or some other amount greater than $3500 for 2004 IRA > contribution in TurboTax then why does the tax liability > reduced in final calculations? The program actually shows > direct relationship between tax liability (reduction) and > IRA contribution (increase). Is it possible that any > cotribution over $3500 is being treated as some other > financial expense? you should direct your question to TurboTax. The answer stands. You cannot temporarily or permanently contribute more than one year's contribution limit in any one tax year, and an excise penalty applies to any such amounts that ARE contributed in this fashion. -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#4
03-24-2005, 01:54 AM
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| Re: IRA contribution ? David Woods, EA, ChFC, CLU wrote: - quote - > "Joe C" <no-more-spam[at]no-spam.com> wrote:
I have a question along similar lines. If one inputs $10,000> > I have a traditional IRA in which I have > > a portion invested in laddered CDs. Can I > > temporarily deposit money($10,000) in my > > IRA and then remove it about a month later > > without any penalties or complications > No. or some other amount greater than $3500 for 2004 IRA contribution in TurboTax then why does the tax liability reduced in final calculations? The program actually shows direct relationship between tax liability (reduction) and IRA contribution (increase). Is it possible that any cotribution over $3500 is being treated as some other financial expense? I would appreciate some input. Thanks in advance. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#3
03-18-2005, 11:07 AM
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| Re: IRA contribution ? "Joe C" <no-more-spam[at]no-spam.com> wrote: - quote - > I have a traditional IRA in which I have
No.> a portion invested in laddered CDs. Can I > temporarily deposit money($10,000) in my > IRA and then remove it about a month later > without any penalties or complications -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#2
03-17-2005, 06:11 AM
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| Re: IRA contribution ? Joe C wrote: - quote - > I have a traditional IRA in which I have
No.> a portion invested in laddered CDs. Can I > temporarily deposit money($10,000) in my > IRA and then remove it about a month later > without any penalties or complications << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
03-17-2005, 03:18 AM
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| Re: IRA contribution ? "Joe C" <no-more-spam[at]no-spam.com> wrote: - quote - > I have a traditional IRA in which I have
No. The IRA contribution limit for 2005 is $4,000 ($4,500 if> a portion invested in laddered CDs. Can I > temporarily deposit money($10,000) in my > IRA and then remove it about a month later > without any penalties or complications over 50). -- Phil Marti Clarksburg, MD << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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03-17-2005, 03:18 AM
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| Re: IRA contribution ? Joe C wrote: - quote - > I have a traditional IRA in which I have
No. It's neither a rollover nor is it a contribution (part> a portion invested in laddered CDs. Can I > temporarily deposit money($10,000) in my > IRA and then remove it about a month later > without any penalties or complications of it could be, but as it exceeds the maximum allowable amount, your trustee should reject it). << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
03-13-2005, 10:37 PM
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| IRA contribution ? I have a traditional IRA in which I have a portion invested in laddered CDs. Can I temporarily deposit money($10,000) in my IRA and then remove it about a month later without any penalties or complications Thanks, Joe << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| contribution, ira |
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