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Financial Planning / Tax Strategies
|Subject: Re: Rollover IRA||Date: 11/13/2013 8:36 AM|
|Author: SABOB||Number: 119502 of 121795|
In looking up answers to questions posed, I found the error. I inadvertently made the contributions from remaining Prime Money Market Fund contained in the rollover IRA rather from the Money Market Fund in my taxable Vanguard account. So, I was essentially just moving funds around within the rollover.
First tax issue in 50 years, so maybe it is time to have someone else prepare!
I really do appreciate the help as it led me to the answer.
Am wondering about the question about Line 7 on 1040. It was my understanding, reinforced by looking at some IRS publications last night, that net proceeds from a business count as "earned income" and that an IRA contribution can be made regardless of wages, etc. on Line 7. Why would there need to be more than $6,000 on Line 7? I had about $40,000 of such precedes.
If someone can address that issue, I'll go away until next tax season!
Thanks again for the help.
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