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Ed Slott Video: Mitt Romney's Unorthodox IRA

Monday, January 23, 2012  No comments

Ed Slott discusses Republican presidential candidate Mitt Romney's unorthodox IRA in this video blog. The Wall Street Journal posted a January 19th article on this topic, and Ed walks you through Romney's reported account value, its pitfalls, tax expenses and what steps he should take now to avoid problems down the road in this video. This issue has come up several times in discussions about Romney's reported wealth, his assets and the release of his tax returns.

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Thursday's Slott Report Mailbag

Consumers: Send in Your Questions to mailbag@irahelp.com

Q:
Is a monthly retirement check considered income in order to open a Roth IRA?

A:
An IRA contribution must be based on the taxable compensation of the individual for the year of the contribution. Pension, profit sharing or IRA distributions are not considered compensation for the purpose of a contribution to an IRA. Here is a Q&A article we did on Roth IRA and IRA contributions.

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