Rachel Maddow - Romney not trustworthy after Massachusetts tax lie

[Galraedia]

[Jumping John]

1. So it would take 16666.666 years to amass 100 million dollars in an IRA. yup

[spooky3]

2. Rachel is outstanding, again. Do you know the date of this clip?

[Galraedia]

4. Aug 16, 2012

[spooky3]

5. thank you

[mysuzuki2]

3. I believe Rachel is wrong on one point.

I don't think there is any limit on how much you can put in an IRA. The limit applies only to how much of your contribution is tax free.

[spooky3]

6. According to the IRS, publication 590, there ARE contribution limits.

http://www.irs.gov/retirement/participant/article/0,,id=211358,00.html

"For 2011 and 2012, the maximum you can contribute to all of your traditional and Roth IRAs is the smaller of:

$5,000 ($6,000 if you’re age 50 or older), or
your taxable compensation for the year."

Whether you may contribute and the deductibility of contributions depends on your income and other eligibility factors.

And, IRAs are NOT tax free. They are tax deferred in the case of traditional IRAs. Roth IRAs have mixed tax treatment.

I wonder if Romney was even eligible to contribute - did he have taxable compensation for the years he contributed, if most or all of his income was from dividends, etc.?