Message Font: Serif | Sans-Serif
No. of Recommendations: 0
Crosenfield said, in part:

if you were covered under a pension plan (for even one day of 1999) and earned a middle class income, you can't deduct your contribution.

I'm assuming that by middle class income, you mean over $42,000 for single filers, and $62,000 for joint filers, since for 2000, if you are covered by a retirement plan, your IRA deduction will not be reduced unless your modified AGI is between $32,000 and $42,000 for a single individual, or head of household, or $52,000 and $62,000 for a married couple filing a joint return.

I'm just trying to clarify the above quote, since I had to read it twice initially. The question of a deductable contribution is based on qualifying circumstances relating to filing status, retirement plan coverage and adjusted gross income.

If I've only made this discussion worse, check out IRS Publication 590 as the IRA source, as well as the Fool's IRA area:

Not trying to step on any toes here, Doc.

Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
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.
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.