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A bit of tax information
Rosie
Member Posts: 14,525 ✭✭✭
Most of you probably know this but I didn't. If you make IRA contributions after you retire and are not working at all you will be taxed 6% EACH year for the excess. I just had to withdraw a sizable amount from my IRA and put it in Cd's. Tax people caught it not me. Same thing for the wife also. Had to do the same with hers.
Comments
http://individual.troweprice.com/public/Retail/Retirement/IRA/Traditional-IRA
The IRA rules are more casino rules for wall street players. Wall street pays the politicos and the IRS makes it complex.
People were singing that old song when I was 18 years old and I'm now 69 and still hearing it. I have recieved over $124.000.00 in the last 5 years from SS. I'll take that anytime.