Just my annual complaint about the IRS formula for determining how much of my non-deductible IRA contributions I can recover each year. After 13 years of IRA distributions I still have 60% of my non-deductible contributions left in the IRA. It happens that it also took me 13 years to make those contributions. For 2012 I was able to claim 2.2% if my IRA distribution as recovery of non-deductible contributions. Based on the current total value of my IRA in 2013 only 2% will be allowed as recovery of non-deductible contributions. And if my investments continure to do well, which I hope they will so I don't run out of money, that percentage will get smaller in the future.I understand Congress and IRS didn't want someone taking completely tax free distributions in any year. But the current calculation means you can never recover all your non-deductible unless you completely exhaust your IRA. When I'm 100 years old there will still be unrecovered non-deductible money in the IRA. Something ought to be done to fix this but I don't see it happening. Not enough people in this situation and no interest by Congress or IRS in speeding up the recovery process. Heck, even Republicans don't give a damn about it.Okay, done ranting for another year. Thanks for listening.
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