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Subject:  Re: IRA AND TAX QUESTIONS Date:  1/28/2009  3:07 PM
Author:  aj485 Number:  65231 of 88775

the tax benefits i was trying to get was, let's say current taxable wages (after 401(k) contributions) is $100k, and i contributed the $5k limit to the rollover IRA before April 15, would my taxable wages be $95k?

Probably not, but it depends on your MAGI, not 'taxable wages'. The rollover IRA is your wife's IRA. Was your wife eligible for a 401(k) in 2008? Is the taxable income that you are referencing your joint income, your income, or your wife's income?

You need to read IRS Pub 590.

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