UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev | Next
Author: drbear One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75833  
Subject: Re: 1997 IRA Qualification Question Date: 12/18/1997 1:57 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
Sonoma wrote:
<<
I need some advice on the details of opening an IRA. My wife and I both work, and our combined income for '97 will (probably) be just over $100,000. Neither of us are eligble for 401(k)'s in 1997, but both of us will be in 1998. Can we both open an IRA for 1997 and deposit $2,000 each into it before taxes, or will it be a non-deductable contribution? Thanks in advance for your help.>>

The key to determining whether you can make a deductible contribution for 1997 is whether or not you were eligible at any point in 1997 for a 401(k) or other qualified retirement plan (the benefits offices can tell you if you are not sure). If you weren't eligible, you can make either a deductible or non-deductible contribution. If you were eligible, your 1997 contribution would have to be non-deductible.
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev | Next

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.
Post of the Day:
Apple

The Saddest Place on iPhone Day
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