The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: 1997 - IRA contribution||Date: 4/8/1998 9:46 AM|
|Author: TMFTaxes||Number: 3328 of 121101|
[[my wife and I make 80K/yr. She was not eligible for
401 K contribution with her company last year(1997)
I contributed to 401K.
Is there any way she make a TAx deductible IRA contribution for 1997?
I know that the rules have been changed for 1998
( < 150K and one spouse not eligible etc.).]]
Right...the rules WERE changed for 1998. But, as you know, that doesn't help you right now. And since at least YOU were a participant in a qualified pension/profit sharing plan, your IRA deduction will be eliminated if your AGI is greater than $50k. Since you have noted that your AGI is $80k, it looks like any IRA contribution for 1997 will be non-deductible.
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