Just Wondering wrote in
:

On 8/21/2012 6:49 AM, Han wrote:
Romney has amassed over 100 million in an IRA. Supposedly IRAs are
limited to something like $6000/year in contributions.

Wrong. Any IRA cap is only on tax-free contributions. You can put as
much over that into an IRA as you please, it's just that only the
amount up to the cap is untaxed.

What about this link?
http://www.irs.gov/retirement/participant/article/0,,id=211358,00.html
It starts out:

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.

The IRA contribution limit does not apply to:

Rollover contributions
Qualified reservist repayments

--
Best regards
Han
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