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Examples
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But as 2010 approached, some advised high-income clients to contribute to a non-deductible IRA so they could convert it in 2010.
More people can convert to Roth IRAs; is it a good idea? 2010
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Financial planners generally frown on non-deductible IRAs because they offer few of the benefits of deductible IRAs and all of the drawbacks.
More people can convert to Roth IRAs; is it a good idea? 2010
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Investors who have a mix of deductible and non-deductible IRAs can't avoid taxes by converting just the IRAs funded with non-deductible contributions, Bruno says.
More people can convert to Roth IRAs; is it a good idea? 2010
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And unless Congress changes the rules, you can continue to contribute to a non-deductible IRA every year and then convert it to a Roth.
More people can convert to Roth IRAs; is it a good idea? 2010
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For example, suppose you have $25,000 in a non-deductible IRA that hasn't generated any earnings and own deductible IRAs worth $225,000.
More people can convert to Roth IRAs; is it a good idea? 2010
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Most VAT problems hitting the courts in the past have related to agents' fees, where clubs pay fees (and VAT) to agents not actually contracted to them, thus rendering (per HMRC) the VAT irrecoverable and fee non-deductible for CT purposes.
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Thus, it is important that taxpayers who have non-deductible traditional IRAs file the 8606 annually.
Answers to some questions about converting to a Roth IRA 2010
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A: Any non-deductible traditional IRA contributions should be tracked annually on IRS Form 8606 as part of the tax-filing process, says Maria Bruno, investment analyst at the Vanguard Group.
Answers to some questions about converting to a Roth IRA 2010
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Oregon did not have a sales tax, so Bob said, let's make the sales tax non-deductible.
Why Do Sales Taxes Exist?, Bryan Caplan | EconLog | Library of Economics and Liberty 2009
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Even savers who don't already have traditional IRAs to convert can take advantage of the rule by contributing to a non-deductible IRA — which has no income limits — and then converting it to a Roth.
More people can convert to Roth IRAs; is it a good idea? 2010
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