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URL:  http://boards.fool.com/makes-sense-thanks-to-everyone-for-their-27392171.aspx

Subject:  Re: IRA AND TAX QUESTIONS Date:  1/29/2009  10:24 AM
Author:  wtantonio Number:  65235 of 76418

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.)"

http://turbotax.intuit.com/tax-tools/tax-tips/tax-planning-a...
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