The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies


Subject:  Re: Rollover IRA Date:  11/13/2013  8:36 AM
Author:  SABOB Number:  119502 of 128039

In looking up answers to questions posed, I found the error. 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. So, I was essentially just moving funds around within the rollover.

First tax issue in 50 years, so maybe it is time to have someone else prepare!

I really do appreciate the help as it led me to the answer.

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.

If someone can address that issue, I'll go away until next tax season!

Thanks again for the help.
Copyright 1996-2018 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us