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Author: SeniorCit Three stars, 500 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121061  
Subject: Re: Non-Deductable IRA? Date: 2/6/2008 5:52 PM
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Unfortunately, the only solution to your situation is to get Congress to change the law on this. Personally, I think it would be some actual simplification rather than the garbage that passes for simplification lately. Just make the first dollars out of the IRA be any basis. Once the basis is exhausted, the remaining earnings are fully taxable. Very simple.

I thought I was dreaming when I read that message about being able to transfer just the basis of the nondeductible contributions of the IRA.
I agree, it would be a simple matter for Congress to "Just make the first dollars out of the Ira be any basis". It would simplify record keeping for many thousands.

Thanks Ira, AJ and Peter for waking me up. I'll go back to just reading this board, hoping to pick up some smarts here and there.
Senior Citizen
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