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Investing/Strategies / Retirement Investing
|Subject: Re: IRA or no?||Date: 4/15/1997 5:10 PM|
|Author: RickNelson||Number: 15 of 78143|
On Sun, 13 Apr 97 17:15:22 -0600, jeremy wrote:
This is the reason I am wary of depositing my money in an IRA. If I have a 401k by the end of the year I will not be able to deduct the money I put into the IRA on my taxes which takes a lot of the benefits away (Hey, even in my tax bracket that is a savings of approximately $500).
Actually, you can deduct IRA contributions even if you have a 401k but only if you meet certain income criteria. If your adjusted gross income (AGI) for `96 was $25k or less then you can deduct a full $2k IRA contribution. If your AGI is $35k or more than you can't deduct your IRA contribution. If AGI is something in between then you can deduct a portion of your contribution.
Hope this helps.
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