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I think of Mitt Romney who last reportedly has $87 million in his IRA. You can't contribute more than $30k/yr to an IRA. How do you get an IRA with close to 8

I think of Mitt Romney who last reportedly has $87 million in his IRA. You can't contribute more than $30k/yr to an IRA. How do you get an IRA with close to 8 figures in it? Same trick of filling your bosses locked office with balloons. Slip the balloons (worthless stocks) under the door and then blow them up from the outside.

jjk166 6y ago
> Tax lawyers and accountants suggest an answer: Romney may have made use of an Internal Revenue Service loophole that allows investors to undervalue interests in investment partnerships when first putting them into an IRA. These assets can produce returns far in excess of those that could be generated from other investments made at the capped level. > An investor could even set an initial value for a partnership interest at zero dollars, because under tax regulations an interest in a partnership represents future income, not current value, said Chris Sanchirico, co-director of the Center for Tax Law and Policy at the University of Pennsylvania Law School. > Whether Romney used this technique, which is legal, when he put partnership interests into his IRA is a question that won’t likely be answered when he discloses his 2010 tax returns on Tuesday. [0] https://www.reuters.com/article/us-usa-campaign-romney-ira/how-did-romneys-ira-grow-so-big-idUSTRE80N04E20120124 https://www.reuters.com/article/us-usa-campaign-romney-ira/h...