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Investing/Strategies / Retirement Investing
|Subject: Re: IRA AND TAX QUESTIONS||Date: 1/29/2009 10:24 AM|
|Author: wtantonio||Number: 65235 of 77120|
makes sense..... thanks to everyone for their input, it is greatly appreciated. i also found the following helpful:
"You can also save for retirement on your own with an Individual Retirement Account (IRA). If you don't participate in a retirement plan at work, or even if you do and your income falls within eligibility limits, you can make tax deductible contributions of up to $5,000 to a traditional IRA in 2008, plus an additional $1,000 in catch-up contributions if you are 50 or older. Both numbers remain the same for 2009.
If you participate in a workplace-based retirement plan, you can still make tax-deductible contributions to an IRA if you are single and your income is less than $53,000 in 2008.
If your income is between $53,000 and $63,000, you qualify for a partial deduction. If you are married filing a joint return, the phase-out limit for deductible IRA contributions begins at $85,000 in 2008 and the write-off disappears once your income tops $105,000. (For 2009, the phase-out zone for singles rises to between $55,000 and $65,000; for married couples the deduction will phase out as income on a joint return rises from $89,000 to $109,000.)
If you don't participate in a retirement savings plan at work, but your spouse does, you can make tax-deductible contributions to an IRA if your adjusted gross income on your joint return is $159,000 or less. You can claim a partial deduction if your income is between $159,000 and $169,000. You can't deduct your IRA contribution once your income tops $169,000. (For 2009, this phase-out zone will be between $166,000 and $176,000.)"
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