President Barack Obama Message Board

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Politics : President Barack Obama

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To: Wharf Rat who wrote (19795)	5/1/2008 12:42:56 PM
From: Bread Upon The Water	Read Replies (2) of 149317

Thanks Wharf, but I don't think so. I agree that your contributions, the money that you put in is taxed at this rate, but the GROWTH over & above what you put in, is a long term capital gain is it not? So the IRS has a first in first out rule I do believe--somewhere I have read this. Also this may depend (at least for a traditional IRA on which you have made a NON-DEDUCTABLE contribution--in which case you AREADY HAVE PAID TAX ON THIS MONEY) on what type of IRA we are talking about and whether you have ever claimed a deduction for it on your 1040. We probably need to put all 3 retirement savings in 3 different categories. Traditonal IRA Roth IRA 401(K) But hey, I did ask did I not? Let me do some research on this and get back to you. Thanks to you & all that responded.

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