UnThreaded | Threaded | Whole Thread (18) | Ignore Thread Prev | Next
Author: TMFPMarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75530  
Subject: Re: Diff between 401K,regular IRA, brokerage acc Date: 4/1/2008 12:57 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 7
A separate IRA account does nothing to help track your non-deductible IRA contributions.

I know at least two other non accountant types that find my way easier so we will keep using it.


Before this game of "Mine Are Bigger Than Yours" gets out of hand, a valedictory note of clarity for lurkers.

Peter's point is that for tax purposes it matters not where you keep your after-tax contributions. All traditional IRA accounts, including pre-tax, after-tax, SEP, SIMPLE and rollovers from employer plans are lumped together when calculating the taxable portion of distributions from any of them. Further, when you make after-tax contributions you must report them on Form 8606, and it's a good idea to make sure you can put your hands on the last one you filed. At one time you were required to file one every year even if there was no activity, and some people still do that so they have it readily available.

Don's point is that he finds it easier to keep all his after-tax contributions in one account regardless of the treatment of distributions.

The points are not mutually exclusive.

We return you to your regularly scheduled programming.

Phil
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (18) | Ignore Thread Prev | Next

Announcements

The Retire Early Home Page
Discussion on accelerating retirement day.
Post of the Day:
Macro Economics

U.S. Stable, Europe Stalling
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement