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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) | Respond to 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.



To: Wharf Rat who wrote (19795)5/1/2008 12:57:48 PM
From: Bread Upon The Water  Read Replies (1) | Respond to of 149317
 
PS. The required minimum distribution rule (RMD), which kicks in the year after you turn 70 and a half will require and ever increasing percentage of your income to be withdrawn each year as as you age--this is so the governement can get its pound of flesh (which they postponed at the time you made contributions and reaped tax free gains). This does not apply to Roth vehicles on which you already have paid taxes.


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