Message Font: Serif | Sans-Serif
No. of Recommendations: 0
<<I am self employed (I dont participate in a 401K)
What is the max. i can put into my IRA account?
and my wife is not employed, so I guess I can
have 4000 $... 2000 $ for me & 2000$ for my wife.
Is that wright?>>

Yup. Your max IRA deduction would be $2k for yourself, and $2k for your non-working spouse. But you MIGHT want to check out if a self employed Keogh plan or SEP plan might be able to provide you with a larger contribution, and therefore a larger tax deduction.

<< Also what would be the best IRA account to open
ROTH or regular or .... ?>>

You can't open a Roth IRA for tax year 1997. So for 1997, you'll be stuck with a regular IRA or another pension plan.

For additional information, check out IRS Publication 560 regarding Self Employed Retirement Plans. You can order this Pub by calling IRS at 1-800-TAX FORM, or you can read/download this Pub by pointing your web browser to:

Hope this helps..
TMF Taxes
Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
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.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! 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.