UnThreaded | Threaded | Whole Thread (8) | Ignore Thread Prev | Next
Author: Charlie48K Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 79074  
Subject: Re: Can I contribute to a Traditional IRA Date: 3/11/2002 12:43 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
Are my wife and I eligible to contribute to a Traditonal IRA? I realize that it is not deductable, but I still would like to contribute.

My accountant is unsure because of several factors:

My wife an I have an AGI of over $160k

Prior to leaving her employer in March, 2001, my wife contributed to a 401k

She than worked as an independent contractor for her ex-employer and established a SIMPLE IRA

She then started her own corp, and we both contributed to SIMPLE IRA's (for a total of three SIMPLE IRA's)

Through my employer, I participate in a pension plan, and also contributed to a 401k and 457

Yes, I believe you can. A traditional IRA is available to almost anyone. The income limits along with the 401k contributions makes it non-deductible. The SIMPLE is also considered an employer sponsored retirement plan and doesn't take away the IRA. The 457 plan doesn't affect it at all.
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (8) | Ignore Thread Prev | Next


The Retire Early Home Page
Discussion on accelerating retirement day.
Foolanthropy 2015!
Fistula Foundation: A World of Good!
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.