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Microcap & Penny Stocks : Green Oasis Environmental, Inc. (GRNO)
GRNO 0.00Nov 20 4:00 PM EST
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To: MMender who wrote (8976)3/21/1998 8:23:00 AM
From: Charles A. King  Read Replies (1) of 13091
 
Here is an article about IRAs.

nando.net

I am among the more tax impaired myself because I have a basic problem with terminology. For example, the word "deductible" that everybody uses seems to refer to the fact that the traditional IRA allowed a wage earner to deduct as much as $2,000 from taxable income if it was contributed to the IRA. But that money was not deductible when distributed, so that is why usage of the term is not clear to me. Deductions are involved in every IRA either at contribution or distribution. On the other hand, the terms "tax free" and "tax deferred" are clear to me, yet I rarely see them used.

When I was deciding to open Roth IRAs for myself and family, I tried to get questions answered by the IRS, since they are trying to tell us they have changed their attitude and approach to the public. After repeated attempts by email, I finally got an answer that bore no relationship to my questions. That told me that if the IRS doesn't have clue, I can't hang my hat on what anybody else will tell me. The IRS is the one entity that makes the rules until a series of court cases run their courses, so my attitude is that the IRS is like the SEC and every other government agency that makes up the rules as they go along. That makes it difficult for me to find an "advisor" I can trust.

Charles
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