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| *Loan,banking and credit>>>income tax |
IRA question. What is max income where I can still deduct my contribution from my taxes? |
I'm in my mid 30's, so know that can only put $4000 in. But, is there a maximum income cutoff as well? We file married/jointly. Is there some maximum income where I cannot deduct my IRA contributions? Thanks See this link for phaseout rules for high income. http://www.bloomberg.com/invest/calculat... if neither you nor your spouse were covered at any time during the year under an employer retirement plan (i.e. 401(k) plan) then each of you can contribute up to $4,000 and get a tax deduction for this on your tax return. if you are covered by an employer retirement plan, and filing jointly, then you will still get a full deduction if your modified AGI was $70,000 or less. you get no deduction if your modified AGI was $80,000 or more. You will get a partial deduction if it falls between these amounts. http://www.irs.gov/publications/p590/ch0... For a traditional IRA, it 85,000 (without reduced benefits beginning at 75,000). For a Roth IRA, it is 160,000 (with reduced benefits beginning at 150,000) |
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