Hi, we're getting conflicting info from the accountant who's done our taxes and a new accountant we're considering (because of cost)...this seems like it should be easy answer.For 2006, my wife and I will be filing as married jointly. Her income is under $70k while mine is over $80k. We both contribute minimum amounts to our company's SIMPLE IRA (about $1k for her and about $3k for me). We also both contributed to $4k each to our Traditional IRA accounts.Accountant A is saying our Traditional IRA contributions should be deductible while accountant B is saying that since we're over the AGI limit of $80k *total* for a couple, we will not be able to get any tax benefits from our Traditional IRA because we're active in the SIMPLE IRA.After some quick research online, I was able to find info that indicates that the $80k AGI limit is *per person*, so that my wife's Traditional IRA contribution would be deductible, while mine "doesn't count" for tax purposes.Can anyone shed light on who's, if anyone, is right?
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 Rat