Will they also issue the wheel barrows necessary to carry enough of these "nice shiny government bonds" to the store to buy a loaf of bread?
Posted on 04/08/2014 3:04:48 AM PDT by Red in Blue PA
Retirement experts call it a game changer for the 50 or so million households in the U.S. that own an individual retirement account — an IRA.
Uncle Sam’s Tax Court just ruled that the one-rollover-per-year rule applies to all of a taxpayer’s IRAs rather than to each IRA separately. And that ruling, say experts, is in direct conflict with IRS Publication 590, the bible for IRAs.
“Industry leaders, financial advisers, and everyone else who handles IRAs are stunned,” said Denise Appleby, the editor and publisher of The IRA Authority
According to Appleby, there are two ways to move money between IRAs.
1. Transfers, which are not reported to the IRS and not reported on a tax return. The IRA owner never touches the money. You can do this as often as you like, whenever you like, Appleby said.
2. And rollovers. With this method, the IRA owner takes the money as a distribution and they have 60-days to rollover (put back) the amount in an IRA. And this, you can do only once per 12-month period, said Appleby.
According to Appleby, the IRS, through their publications and regulations, has said for at least 20 years that the rollover method applies on a “per-IRA” basis. In other words, if you have 10 IRAs, you can do 10 rollovers for the year (12-month period), as long as an IRA does it only once (or the year).
(Excerpt) Read more at marketwatch.com ...
The rule of law is so 20th century. America has been fundamentally transformed.
This totalitarian government rules by its whims. Promises and laws it has created in the past mean nothing to it, if it goes against what they want now. They do what they want, often in direct conflict with existing law, and they dare you to sue - in a court that they’ve now packed with rabid activists.
So, all you people out there with these tax-saving IRAs, 401Ks, Roth IRAs - don’t count on anything this government says. They will not keep their promise; their need to redistribute that wealth to the entitlement leeches far outweighs your silly need to plan for your own future.
Rule of Kings....
Didn’t we have a revolution over this subject?
Oh’ never mind...Honey Boo Boo is on....
If you don’t like you’re IRA you can change your IRA. (Not)
So, all you people out there with these tax-saving IRAs, 401Ks, Roth IRAs - don’t count on anything this government says. They will not keep their promise; their need to redistribute that wealth to the entitlement leeches far outweighs your silly need to plan for your own future.
I agree; as they get more desperate for money to keep kicking the can down the road they will start grabbing anything and everything they can. Confiscation of accounts and then real property is in our future. I would bet heavily on that... if I had any money left that is.
You have to round up the herd before the slaughter.
C’mon now, Michelle needs another vacation. You’re going to begrudge her that and hang onto your silly IRA? Sheesh, some people are so selfish.
I swear I’ve seen the exact equivalent of these two on MTVs Cribs years ago.
If Republicans had any brains (a big if!) they would make an issue out of this as this affects every person saving for retirement.
From Cribs to the WH - what a success story! Only in America!
There was a time where you could only own 1 IRA account. This what? Affects how many people here? This is an accounting method change, probably targeting people abusing the system or leveraging the rules in their favor.
I don’t care. My IRA is long gone, my 401k as well. I repeat I don’t care.
What I do care about is how Lois Lerner and family earn enough to live in a 2 million dollar estate while working for the IRS. I’m sure, like the husband of Pelosi, the Husband of Feinstein and the countless other millionaires working for the government and running our lives.
Dont count on it. We have men on the equivalent of pajama boy. The passive aggressives are now the norm and we are a weakened nation for it. I have no faith that the American population would fight for anything. We are now a conditioned police state ready to willingly take orders cause the law man said I have to.
Don’t worry. Soon Uncle Sugar will take those nasty grubby IRAs and give you some nice shiny government bonds! With pretty pictures on them and everything!
“I agree; as they get more desperate for money to keep kicking the can down the road they will start grabbing anything and everything they can. “
Of course. If they can use eminent domain to take your property, they can rationalize confiscating anything - ‘for the overall good’.
Will they also issue the wheel barrows necessary to carry enough of these "nice shiny government bonds" to the store to buy a loaf of bread?
“If Republicans had any brains...”
Have you not figured out the repubs are in on the scam? They have no intention of stopping the run away train, they feed on it as much as the demrats.....
Already on the IRS website
http://www.irs.gov/Retirement-Plans/IRA-One-Rollover-Per-Year-Rule
Maybe this had something to do with it
http://www.treasurydirect.gov/readysavegrow/start_saving/retirementaccountfactsheetenglish.pdf
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