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#1
04-13-2005, 06:33 PM
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 Re: rescind IRA contribution? David <dzpost[at]dedekind.net> writes: - quote - > allowable). I'd rather not have a positive basis in this IRA.
Why? And what do you mean by "this IRA"? You do realizethat non-deductible trad IRA contributions become pro-rata part of ALL your trad IRAs? So once you've made a non-ded trad IRA contribution to one trad IRA account, you've made one to ALL your trad IRA accounts. So if you've already made a non-ded contribution at some point, you've already made unavoidable for all your trad IRA accounts whatever "positive basis"-related thing you're trying to avoid for this account. -- Rich Carreiro rlcarr[at]animato.arlington.ma.us << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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04-13-2005, 06:33 PM
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| Re: rescind IRA contribution? "David" <dzpost[at]dedekind.net> wrote: - quote - > Is it possible to rescind an IRA contribution? Last April
No> year I made an IRA contribution which I thought would be > deductible, since it has been in past years. In doing the > 2004 taxes I now realize it's not deductible (though it is > allowable). I'd rather not have a positive basis in this > IRA. Is it possible to retrieve the contribution, to make > it as though it never happened? - quote - > Is the answer a matter of
Law> tax law, or is it up to the institution (a mutual fund) that > holds the IRA to decide? If your AGI allows, though, you can "recharacterize" the contribution as a Roth IRA contribution anytime before 10/15/2005 for a 2004 contribution. This would avoid the basis problem and give you tax-free, rather than tax-deferred, growth. -- Phil Marti Clarksburg, MD << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
04-12-2005, 09:52 PM
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| rescind IRA contribution? Is it possible to rescind an IRA contribution? Last April year I made an IRA contribution which I thought would be deductible, since it has been in past years. In doing the 2004 taxes I now realize it's not deductible (though it is allowable). I'd rather not have a positive basis in this IRA. Is it possible to retrieve the contribution, to make it as though it never happened? Is the answer a matter of tax law, or is it up to the institution (a mutual fund) that holds the IRA to decide? -David << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| contribution, ira, rescind |
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