Archive for May, 2008
Ira Rollover Codes
May 15th, 2008
Question: IRS keep IRA deduction info going back to 1991 for individual?
what year did IRS begin deductions for IRA contributions and when did “establishing a basis for existing IRA accounts” first appear? Didn’t IRA accounts came around before issues regarding rollovers and “basis” were worded into code? .
Answer: “The traditional IRA began on September 1, 1974 when President Form signed the Employment Retirement Income Security Act.” from http://retireplan.about.com/od/rothandtraditionaliras/a/IRA_101_trad.htm
I would assume they started keeping track of tax basis then because for some people the traditional IRA was not deductible and the basis was figured on Form 8606
Self Directed IRA Part 6 Private Lending
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