UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev Thread | Prev | Next | Next Thread
Author: bailey7094 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75794  
Subject: Re: Spousal IRA Date: 7/26/1999 4:58 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
<<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?>>

TMFPixy answers:
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.


Would the fact that I contributed around $7k to a SEP IRA affect the amount that can be contributed to the Spousal IRA? I got the Pub 590, and the text under Spousal IRA limit on page 6 makes me wonder.

Thanks much.

FoolishProf
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev Thread | Prev | Next | Next Thread

Announcements

The Retire Early Home Page
Discussion on accelerating retirement day.
Pencils of Promise - Back to School Drive
"Pencils of Promise works with communities across the globe to build schools and create programs that provide education opportunities for children."
Managing Your Wealth
Our own TMFHockeypop from Rule Your Retirement fame on the TV show Managing Your Wealth.
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 "#1 Media Company to Work For" (BusinessInsider 2011)! 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.
Advertisement