JimA asks:I am wondering if I have the following correct. I'm a 54 and single and receive a salary of $40k (and have 6% deducted for the company 401k) - the new IRA limit is $3k (plus $500 for over 50) and the range for reducing the deductible contrib is $34k - $44k (at 30%) - my box 1 taxable income would be $37,600 (40 - (40*.06))=$6,400 * 30% = $1,920 allowed deductible IRA contrib plus $500 = $2,420 (all a deductible contribution to my traditional IRA). I hope I'm right so far. And I can also contrib $1,080 to my Roth IRA (not deductible). Total IRA contributions (ded and non-ded) $3,500.Do I have this correct?You should complete the worksheets found on pages 16 and 17 of IRS Publication 590 (Individual Retirement Arrangements) available for download at http://www.irs.ustreas.gov/forms_pubs/pubs.html. That will tell you your allowabe deductible contribution to a traditional IRA. Then complete the worksheet on page 50 of the same publication for the allowable contribution you may make to a Roth IRA.I'd do the math for you, but you have all the pertinent numbers.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. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra