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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 124141  
Subject: Re: Rollover IRA Date: 11/13/2013 8:49 AM
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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.

Mystery solved. Glad we could help.

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.

You are correct. Net income from self-employment is also a valid basis for IRA contributions. I incorrectly made the line 7 assumption because elsewhere on the boards I'd gotten the impression that both you and your spouse were fully retired. Self-employment income never entered my mind. Sorry about the confusion.

Rule Your Retirement Home Fool
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