UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev Thread | Prev | Next | Next Thread
Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 72499  
Subject: Re: hourly W-2 vs. 1099 retirement options Date: 6/16/1998 7:37 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
Sorry....I pasted too quickly. Here's the real answer.

Greetings, Barrya, and welcome.

<<After a period of fulltime employment, I returned to contracting. However, the company I accepted a contract with required I become an hourly w-2 with a company on an 'approved' vendor list (while I go through the process of becoming 'approved').

Regarding retirement programs:
· What options do I have for tax-exempt retirement savings programs? (I participated in an employer sponsored 401k for 5 weeks at the beginning of the calendar year and invested approx. $1500).>>

As a W-2 employee, you may only use an IRA limited to $2K per year. It may not be deductible due to your participation in the 401k this year. If your Adjusted Gross Income is $30K or less (single filer) or $50K or less (joint filer), you can deduct the contribution. Part is deductilbe above those amounts through $40K (single) or $60K (joint). None is deductible above those limits.

Regards….Pixy

Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev Thread | Prev | Next | Next Thread

Announcements

The Retire Early Home Page
Discussion on accelerating retirement day.
Invest Better Hub
Take advantage of our newest free service, Invest Better!
New Fool-Branded Credit Card Available!
How does your card compare to ours?
Post of the Day:
Microsoft Corp.

Will Xbox Be a Lonely One?
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Facebook Fool Fan Club
Be a fan of the Fool over on Facebook!
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Get the Fool Phone App
Save and share content, zero in on sectors, podcasts, and much more!
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