Foolish Prof writes:<<Will someone (TMFPixy ?) please comment on the new (1998) Spousal IRA rules. I opened one for my not-working-outside-the-home wife and contributed the $2k for 1998. My accountant did not exclude this from taxable income because, he said, our joint AGI (~$123K) was too high. I was under the impression that the limiting AGI for joint returns was $150K before reductions in exclusion from taxable income kicked in.Does anyone have an IRS pub number on this?>>Sheesh! Fire that accountant and get a new one for next year that keeps up with the tax laws. Your understanding of the deductibility of a contribution to a traditional IRA for a non-employed spouse is absolutely correct.Tell that idiot to see the chart on page 8 of IRS Publication 590 (Individual Retirement Arrangements) obtainable at http://www.irs.ustreas.gov/prod/forms_pubs/index.html. And then make him/her prepare -- gratis -- and file the amended return on your behalf to get the deduction you were legitimately due to take.Regards..Pixy
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Ma