If you hurry, you might be able to get in on pentagon federal credit unions IRA CD rates of 5.5% for 5 years.

See the details at http://www.penfed.com

Sorry, no miles or points but very good rates and superb service.

You say this as though OP should no problem finding a mileage-bearing Roth IRA promotion. If that's the case, why don't you help out and post a link?

If, on the other hand, you have no idea where to find one (because it doesn't exist), then please do not post something you know absolutely nothing about.

LEONA--WELL PUT!

It's just UPGRADEME's way of reminding us of his arrogance and lack of personality.

I don't know why it would. A search in MilesBuzz for titles containing "ira" or "retire" returns only nine hits. A similar search in the MilesBuzz archive returns only seventeen hits.

I beg your pardon? My reply was simply non-threatening and was a suggestion about considering a ROTH IRA too.

My intentions were not to open a ROTH in order to obtain miles in any way.

I feel that your tone and delivery are uncalled for & I hope this halts the sarcasm I detect here.

Thank you for allowing me to express myself.

By posting this, I truly hope you do not feel as though I am attacking you.

Blessings all around...



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Patrick A. Inouye, LMT
volunteer trip reports moderator

I didn't have any problem interpreting Patrick's reply. It wasn't really answering the question, but it was a helpful, though off-topic reply and had nothing to do with being able to get miles for an IRA.

Though it was terse, he was suggesting that a Roth may be a better option. There's no upfront tax advantage like there might be with a traditional IRA, but there's a lot more advantage down the road. One reason somebody may not be able to open a Roth is because they have too much income. I don't know what the cutoff for Roth eligiblity is for tax year 2003, but it used to be $160k.

Anyway .. the real Leona Helmsley was known for at least two things.

1. She said that taxes are for little people.

2. The way she treated her subordinates.

So, maybe, the reply was just "in character".

-David


[This message has been edited by LIH Prem (edited Feb 22, 2004).]

Well at least we all know that if we ever what a search done we can post the question and come back later to find UPGRADEME did it for us.

For Married Filing Joint filing status, eligibility to contribute to a Roth IRA still phases out between $150K and $160K MAGI. For Single, the phaseout is between $95K and $110K.

Also, it is FALSE that there is no upfront tax advantage for a Roth. If your income is sufficiently low (up to $25K single, or $50K MFJ), you can get a tax break commonly known as the "Saver's Credit." This has been available since tax year 2002. (The same saver's credit can also be had for contributions to a Traditional IRA and to a 401K/403b, etc. It's a bonus benefit, in addition to any tax savings due to the reduction of taxable income.)

Furthermore, you can put money into BOTH a Traditional AND a Roth, as long as the total doesn't exceed the allowable IRA contribution for your circumstances (usually $3,000; but $3,500 for those aged 50 and over by the end of the tax year).

Consult www.irs.gov or other authoritative tax sources for details.

I believe it is indeed true that by law, you CANNOT get any miles or other special bonuses for opening IRA accounts.

And if you're looking for high CD rates at banks, consult www.bankrate.com . Many of the banks paying high interest rates do offer IRA accounts.


Kathy

Kathy's response is correct. As a banker, I can tell you that the IRS makes it very clear that any "benefit" given for an IRA (of any type) will impact it's taxdeferred/exempt status. This includes cash rebates, Home Depot gift cards, free checking services, toasters and FF miles.

As an aside, I have seen very few FF miles opportunities related to interest bearing deposits or loans that make sense. Over time, the "small" rate diffence exceeds the value of the points or miles. Some of the checking/debit cards programs are okay (and, of course, there's Charter One's gift card program .)

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"I was once dissappointed that I didn't get an upgrade, then I saw a homeless man without shoes. Somehow, the upgrade didn't seem all that important."

This is from Delta's web site.

Take it for what it is worth.

American Express Financial Advisors:
Earn 1,500 miles when opening a qualifying American Express IRA. For details, call 866-472-2384 and select option 2. Through 4/30/04

KT

I didn't know about the "savers credit". Thanks for the correction.

-David

If you qualify for it, I would also recommend opening up a Roth instead of a traditional IRA.

pallensf----sorry, when I read your post it did not appear to me that you were recomending Roth as a better choice for some folks depending on tax rates and other factors. It just appeared that it was a suggestion how to get ff miles.
I do agree that for those who do not benefit substantially from current tax deduction, the Roth may be a better way.

love & aloha...xoxo

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Patrick A. Inouye, LMT
volunteer trip reports moderator