itonewbie
Level 15
12-07-2019
04:28 AM
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Glad it helps, David!
You are correct it is general limitation because the contributions are related to his employment.
There would have to be a part of the distribution that represents earnings, which belongs to the passive basket. You will need to dig a bit deeper. This wouldn't make a difference if it were an IRA but would for FTC limitation purposes.
You are correct it is general limitation because the contributions are related to his employment.
There would have to be a part of the distribution that represents earnings, which belongs to the passive basket. You will need to dig a bit deeper. This wouldn't make a difference if it were an IRA but would for FTC limitation purposes.
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Still an AllStar