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Subject:  IRA Deduction On Form 1040 Date:  9/20/2005  10:42 PM
Author:  financeguy82 Number:  80798 of 127753

Greetings Fools!

I have a question for those who are familiar with filling out tax Form 1040. On line 25, IRA deduction (see page 26), can someone explain to me how the 401K contributions are computed here? Let's say for instance my total income is about 42K and I have nothing for lines 23, 24, 26-34 on the 1040. Let's also say that I've contributed about 2K for 2005 (started my 401K plan just recently). On the 1040 manual, page 27, showing the IRA Deduction Worksheet - - how would this worksheet be filled out? I'm single and assume that I am covered by a retirement plan.



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