Mitt Romney's IRA has come under considerable scrutiny this year, much of it centered on whether it was invested offshore in order to avoid tax consequences. But there has been little focus on whether the Republican presidential candidate's IRA could be unsound at its core. Does Romney benefit, directly or indirectly, from the investments made by his IRA? Was his account allowed to purchase assets on a preferred basis - which could constitute an invalid constructive contribution to his IRA?
Those are hypothetical questions and there is no publicly available evidence of wrongdoing. Of course, whether Romney's IRA committed a prohibited transaction could forever be a secret among him, his advisors and the federal government.
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access