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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: goldworldnet who wrote (342099)	1/12/2003 4:24:57 AM
From: JDN	Read Replies (1) \| Respond to of 769670

You got some POOR TAX ADVICE. You COULD have ROLLED OVER your pension plan INTO your IRA and PAID NO TAX. For this to happen the administrator of your pension plan would have had to distribute the plans assets directly (not through you) to the administrator of your IRA. Unless you took out some money for your own use you would pay no taxes. jdn

To: goldworldnet who wrote (342099)	1/12/2003 10:30:36 AM
From: John Carragher	Read Replies (1) \| Respond to of 769670

you may want to talk with some one with tax experience to review your files.... Perhaps the second time around you should have only paid a portion of tax of withdrawal if the money going in was already taxed... There is a formual to calculate the % of tax and non tax income from ira. The tax may have been on growth above what you contributed to ira. but the base you put in should not be taxed( since you paid a tax on it alread..). I have never done that type of calculation as all of my money was taxable. except state.. pa does not tax money coming out of ira since they do not allow you to reduce your tax liability when it goes in... When I rolled over my pension or 401k.. all my contributions after tax that went into the plan were withheld from the rollover. I got that money in a lump.. it is considered a return of my own cash and not taxable. Believe all the growth associated with the base was rolled over... or deferred into ira. good luck..