Message Font: Serif | Sans-Serif
UnThreaded | Threaded | Whole Thread (18) | Ignore Thread Prev | Next
Author: footsox Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 125003  
Subject: Re: IRA limits? Date: 4/16/2011 9:27 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
Hi Phil,
At this point, we have NO traditional IRA accounts, including SEPs, SIMPLEs and rollovers from employer plans. This is part of my confusion. Most of the info in publication 590 refers to limits if you have an existing employer plan. We do not have ANY existing IRA's, so that is part of why I posted here.

As for our CPA - we are not happy with him and part of the reason is HIS answer to this question. He has told us we make over the limit to be able to have an IRA, and I am posting here and doing research to find the "real" answer to that question, so I can fully understand it, and then perhaps we will be finding a new CPA. He basically does our taxes, but does little in the way of advice, if you know what I mean.

Can you provide me with any additional info now that I have told you we have NO IRA's presently? And what the limit is for EACH of us in opening a traditional IRA? Thanks for your help. I appreciate it.

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


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
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 Glassdoor #1 Company to Work For 2015! 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.