November 22, 2004 07:25 AM
Taxpayers With IRAs: FYI: The IRS Does Not Approve IRA Investments
Excerpt: Investors with Individual Retirement Arrangements (IRAs) should be on the lookout for ads and solicitations that claim that certain types of investments for IRAs are "IRS-Approved" or "IRA-Approved." The government says these ads are misleading, because the IRS does not approve investments for IRAs.
Investors with Individual Retirement Arrangements (IRAs) should be on the lookout for ads and solicitations that claim that certain types of investments for IRAs are "IRS-Approved" or "IRA-Approved." The government says these ads are misleading, because the IRS does not approve investments for IRAs.
According to the Federal Trade Commission, the Securities and Exchange Commission, and the North American Securities Administrators Association, investors are getting misleading sales pitches for specific IRA investments via the telephone, the mail and the Internet. Most solicitations are variations on this theme:
"This investment has been approved for your IRA. You can use your IRA for this investment by filling out the forms in the attached information package. Our agent will take care of the rest. This has been reviewed by the government (or the IRS). This investment is so safe you can use it for your IRA. Only certain investments are approved for IRAs."
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Assessing What Will Now Happen to Fannie Mae - Dec 17, 2004
Brokerages Battle for 'Active Traders' - Dec 14, 2004
Taxable And Tax-Exempt Not So Different? - Dec 11, 2004
The Dollar Dilemma - Dec 08, 2004
Fear Itself - Dec 08, 2004
Wall St. Turns To The Time Out As Punishment - Dec 08, 2004
How To Profit On A Weak Dollar - Dec 08, 2004
Zhou Comments Boost Yuan Forwards - Dec 07, 2004
SEC: Hedge Fund Advisers Must Register - Dec 06, 2004
Should You Be Buying Gold? - Dec 06, 2004
Money Market Funds Reinflate Fees - Dec 06, 2004
The Tax Man May Take a Bite - Dec 05, 2004
China Pledges Stable Policies - Dec 05, 2004
The Insiders Are Selling. But Is That So Bad? - Dec 05, 2004
Fed President: Measured Hikes Ahead - Dec 03, 2004
Funds Take In $14 bln In October - Dec 02, 2004
Google CEO Proud Of Dutch Auction IPO - Dec 02, 2004
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Why Consumers Hate Mergers - Dec 02, 2004
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The Right (and Wrong) Way To Protect Yourself Against The Falling Dollar - Dec 01, 2004
Fidelity Tightens Trading Policy - Nov 30, 2004
A Lesson for Social Security: Many Mismanage Their 401(k)s - Nov 30, 2004
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Gold ETF Could Open Door To Commodities - Nov 29, 2004
Has Social Investing Lost Its Way? - Nov 28, 2004
Study Links Personality Type to Investing - Nov 27, 2004
Advantages That VIPERs Bring to Exchange-Traded Funds - Nov 27, 2004
The Other Side of Vanguard - Nov 26, 2004
The School-Savings Plan With a 'Huh?' Name - Nov 26, 2004
In Tug-of-War on Stocks, Some Pull Away From the U.S. Market - Nov 24, 2004
Scary Bonds - Nov 22, 2004
Investing in Rare Coins - Nov 22, 2004
Day Trading Ads: Cutting Through the "Bull" - Nov 22, 2004
A Bond Strategy Once Thought Foolish Now Looks Smart - Nov 17, 2004
Small Boost for I Bond; EE Looks Like A Better Deal - Nov 06, 2004
I Bond Should Hold Steady, But EE May Jump - Nov 03, 2004
