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Reply to "quick (hopefully) tax question"
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[quote=Anonymous]To 18:24- How is the rate of return influenced by the dollar amount invested? If the OP puts the $1300 into a mutual fund or stock his or her rate of return would be the same as if he or she bought $1 million worth of that same fund or stock. I would put the $1300 into a traditional IRA if OP were eligible. OP, you said you contributed to a Roth IRA last year. Was that for tax year 2011? If so then depending on your income and whether or not you are eligible to or participate in a work retirement plan you may still be eligible to contribute up to $5,000 ($6,000 if 50 or older) into a traditional IRA. Why give Uncle Sam your money when you can save it for retirement?[/quote]
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