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Author: RickNelson Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75383  
Subject: Re: IRA or no? Date: 4/15/1997 5:10 PM
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On Sun, 13 Apr 97 17:15:22 -0600, jeremy wrote:

This is the reason I am wary of depositing my money in an IRA. If I have a 401k by the end of the year I will not be able to deduct the money I put into the IRA on my taxes which takes a lot of the benefits away (Hey, even in my tax bracket that is a savings of approximately $500).

>>

Actually, you can deduct IRA contributions even if you have a 401k but only if you meet certain income criteria. If your adjusted gross income (AGI) for `96 was $25k or less then you can deduct a full $2k IRA contribution. If your AGI is $35k or more than you can't deduct your IRA contribution. If AGI is something in between then you can deduct a portion of your contribution.

Hope this helps.

Rick
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