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Author: Chipsboss Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 20145  
Subject: Re: Roth IRA Question Date: 6/10/2000 10:46 AM
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<< 1. Given two possible policies on the part of IRS, your hunch should be that IRS has chosen the policy that hurts tax payers more. >>

Although this response was correct, it pushed one of my touchiest buttons.

Thanks for your response. I'm wondering about the extent to which IRS regulations are not explicitly supported by the Internal Revenue Code.

IRS has nothing to do with setting the amount of the IRA contribution limit. It's established by Congress in the Internal Revenue Code. This limit is in section 408A(b)(2).

A reference to support your statement is Searching there on 408A I found the limit just as you said.

IIRC, the poster's original question was whether the trading costs of a Roth IRA could be paid from outside that IRA. In response, I posted a government source saying that the answer is NO, but that source is a government publication for the public's use, not a code of law. I couldn't find any mention of trading costs in section 408A. Are they there somewhere I haven't been able to find? Is it possible that Congress was not explicit about these trading costs but left it to IRS to interpret the code on the matter?

Chips, no expert in these matters
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