The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: INFO for TMFTaxes & TMFExRO re: msg 39603||Date: 9/9/2000 12:21 AM|
|Author: stockmover||Number: 39731 of 125861|
Yes Phil your assumptions are correct.
1] I was NOT covered by a qualified retirement plan during 1999.
2] My AGI for 1999 was 33K.
However, Roy Lewis [TMFTaxes] stated the following in his message #39628 in response to:
<< Unfortunately, what I overlooked (as well as my TURBO TAX SOFTWARE to my dismay) was that my $2000 IRA contribution [which was made in Feruary 1999] is not
allowed due to my income being over $10,000. >>
Right...this assumes of course that you are covered by your employer retirement plan. If you are NOT covered by a qualified plan, all bets are off on the $10,000 limitation for married-separate filing. And this is just for a DEDUCTIBLE traditional IRA. Even if you are over the top of the income limits, you can still make your IRA deduction non-deductible.
The way I read Roy's response is that I am eligible to take the $2000 Traditional IRA deduction for 1999. Please clarify this for me Phil and Roy?
Thank You for all you help.
|Copyright 1996-2017 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|