General Discussion

discntnt_irny_srcsm

(18,771 posts)

46. $5000 or $6000...

Fri Aug 3, 2012, 12:01 PM

Aug 2012

...is the standard limit on contributions:

Tax on excess IRA contributions

An excess IRA contribution occurs if you:

Contribute more than the contribution limit.
Make a regular IRA contribution to a traditional IRA at age 70½ or older.
Make an improper rollover contribution to an IRA.

Excess contributions are taxed at 6% per year as long as the excess amounts remain in the IRA. The tax can’t be more than 6% of the combined value of all your IRAs as of the end of the tax year.

Nothing says that you can't contribute more but you'll be taxed extra on it and you can't deduct the contribution.

http://www.irs.gov/retirement/participant/article/0,,id=211358,00.html

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Is the "No taxes for 10 years" claim a criminal or fairness issue? [View all] Nuclear Unicorn Aug 2012 OP

I suspect it's a matter of fairness.... Jeff In Milwaukee Aug 2012 #1

a matter of "patriotic" ETHICS CabCurious Aug 2012 #38

Unrec for Concern Trolling 33Greeper Aug 2012 #2

Are some psyches so fragile they cannot even endure a Nuclear Unicorn Aug 2012 #15

in a word, yes. But I don't know the poster or you. Nor silvershadow Aug 2012 #55

+1000. Just look at the profile. valerief Aug 2012 #26

Seriously? Nuclear Unicorn Aug 2012 #65

What If It's A KKKarl Rovian Setup?... global1 Aug 2012 #3

In all honesty Nuclear Unicorn Aug 2012 #5

Ah, the Dan Rather strategy. I had always hoped one day that would be uncovered. I have Laura PourMeADrink Aug 2012 #8

Very unlikely. Too much can go wrong... JHB Aug 2012 #31

Naww... what could Harry Reid and Mitt Romney possibly have in common? jberryhill Aug 2012 #56

Casinos don't gamble KurtNYC Aug 2012 #67

In all ProSense Aug 2012 #4

IRS can only go back 7 years inthemiddle2 Aug 2012 #9

Ah ProSense Aug 2012 #10

yes I am desperate to find a job inthemiddle2 Aug 2012 #16

Guess what ProSense Aug 2012 #21

thanks for the good luck inthemiddle2 Aug 2012 #25

I've not heard anybody saying he didn't file his taxes ... surrealAmerican Aug 2012 #17

that's what i get for assuming inthemiddle2 Aug 2012 #22

he didn't have taxes withheld on his pay check because he doesn't get a 'pay check'- Bluerthanblue Aug 2012 #33

Good points. pinto Aug 2012 #42

Welcome to DU! Fumesucker Aug 2012 #23

fairness vs hypocrisy? If Romney is wanting others to be subject to audits during a 7-year time- Trillo Aug 2012 #59

Assuming you mean "criminal" in the metaphorical sense: yes. Nuclear Unicorn Aug 2012 #11

Unfortunately, it need not be criminal. bornskeptic Aug 2012 #61

You are putting words in Reid's mouth. He did not allege any criminal conduct dballance Aug 2012 #6

I'm doing no such thing. Nuclear Unicorn Aug 2012 #13

Well then perhaps you can explain this from your OP?? dballance Aug 2012 #20

I also wrote "Sen. Reid would do well to clarify" in the OP Nuclear Unicorn Aug 2012 #37

Tax Laws are written ... Heather MC Aug 2012 #7

Did you have to get any certification? Xyzse Aug 2012 #32

go to www.zumba.com click Instructor trainings Heather MC Aug 2012 #60

Oh cool! Xyzse Aug 2012 #64

I think once you got through the training it's nationally recognized you become Heather MC Aug 2012 #66

And those deductions SHOULD be able to be claimed by your business joeglow3 Aug 2012 #40

We get our taxes done on through the Military, Heather MC Aug 2012 #62

It is inconceivable Brewinblue Aug 2012 #12

It's easily conceivable for me at least, the tax code is largely written by and for the uber wealthy Fumesucker Aug 2012 #24

agreed (nt) inthemiddle2 Aug 2012 #27

As a tax attorney Brewinblue Aug 2012 #34

Romney has a $100,000,000 IRA.. Fumesucker Aug 2012 #35

$5000 or $6000... discntnt_irny_srcsm Aug 2012 #46

Evidently Democrats in Congress are not familiar with the IRS rules.. Fumesucker Aug 2012 #47

They're just jealous... discntnt_irny_srcsm Aug 2012 #50

if I new I would have one to (nt) inthemiddle2 Aug 2012 #63

Ahhhhh "legal" versus "fair." Who cares? Pholus Aug 2012 #14

Quit yer hand wringing doohnibor Aug 2012 #18

Romney's refusal to simply end the controversy by releasing even Bluerthanblue Aug 2012 #19

Maybe both. GoCubsGo Aug 2012 #28

We don't know how bad it is. Romney stonewalls. morningfog Aug 2012 #29

who is pushing the criminal angle? Enrique Aug 2012 #30

I ran a DU poll yesterday Nuclear Unicorn Aug 2012 #39

ok I see your point and totally agree Enrique Aug 2012 #43

Thank-you Nuclear Unicorn Aug 2012 #45

Romney is "taking the fifth" in the court of public opinion- Bluerthanblue Aug 2012 #36

"Hearsay is not admissible as evidence." cleduc Aug 2012 #41

I think the tax thing combined with the destruction of computers and documents is really damning renate Aug 2012 #48

Let's face it. It could be criminal but it probably is a fairness issue. JDPriestly Aug 2012 #44

Either motive aside, it is definitely a weasel issue. Skidmore Aug 2012 #49

fairness and IMHO transparency Proud Liberal Dem Aug 2012 #51

It's a suitability to represent the electorate issue. bemildred Aug 2012 #52

If connectedness to the electorate were the qualifier Nuclear Unicorn Aug 2012 #54

Right, but the appearance still matters. bemildred Aug 2012 #57

Fairness Lebam in LA Aug 2012 #53

We have to keep up the attack and demand Romney release his returns ... napkinz Aug 2012 #58

So then the accused in court would be Harry Reid doccraig67 Aug 2012 #68

It depends on how Romney structures his taxes jmowreader Aug 2012 #69

Reid has no need to clarify. hay rick Aug 2012 #70