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Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76421  
Subject: Re: hourly W-2 vs. 1099 retirement options Date: 6/16/1998 7:37 PM
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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

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