loan,banking and credit
*Loan,banking and credit>>>tax accounting

I opened an IRA account for 2006 ($4,000). Can I also open an annuity for the same tax year?



Yearly, I file my income tax using standard deductions. As a single person, I an seeking other avenues for tax deductions.

You can't open another annuity where your contribution is tax deductible. You could buy an after-tax annuity, but that will give you tax deferral only and would not reduce your taxable income.

You might want to look into getting high-deductible health insurance for yourself and opening a Health Savings Account. The contributions are tax-deductible without itemizing, plus the distributions are tax free if they are used for medical expenses. And after age 59.5, you can treat distributions which are non-medical as if they were IRA distributions. So, the HSA can be treated as another IRA, with other benefits as well.
If you are talking about a tax deferred annuity that is not part of an IRA, where the agent is going to make a bundle off of you and where the tax deferral is not worth the cost then yes you can.
There are direct-sold, low cost annuities available from Vanguard, Fidelity, T. Rowe Price, etc.

As the other responders said, no tax deductions. But, if you have maxed out other opportunities for tax-deferred growth and have an anticipated long tern holding period, they are worth a look.
Tags
tax accounting tax advice tax attorney tax bracket tax calculation tax calculator
Related information
  • I opened an IRA account for 2006 ($4,000). Can I also open an annuity for the same tax year?
  • Is there an accounting concept or principle being violated if a company uses direct write-off method for taxes
  • Can i open a yahoo publisher account if i am located outside of the usa and dont have us tax number?
  • I am holding ICICI Direct Account and have some Sort Term Capital Gain . How to calculate and pay Income tax ?
  • What can you do about tax refund checks that have expired in date. and.you don't have a bank account.?
  • My mother died and left a savings account payable on her death. How do I claim this on my federal tax return?
  • Do i pay capital gains tax on profits from CFD trading only if I withdraw that money from the trading account?
  • I played internet poker and am down for the tax year 2006 but i did cash out because I had alot in my account?
  •    

    SiteMap--Copyright/IP Policy--Contact Webmaster
    For personal non-commercial use only.