No. of Recommendations: 3
<<Probably not. Even if you had spent that money and got some sort of deduction, you'd only be getting about 28 cents back for every dollar spent, so you'd still be out that 72 cents. By not spending, you still end up with more money in your pocket even after paying the taxes.>>

Thank you, 2gifts for the explanation, (an explanation without insulting me, unlike others, where I'm not quite sure how they think that helps anyone on anyway, except to try to boost their own false view of themselves, by insulting other people who are trying to learn.)

We are so cash poor right now, we would not be able to max out our Roths, but I'm hoping that things might turn around for us this year and to have what we need in place would not be a bad thing. I will also look at the fidelity explanations, and consider the SEP for myself.

****

<<I'll trade you medical expenses. My health insurance alone was over $15k last year. And then I still have a $6k deductible - which we met. >>

Yes, the 7k was just our co-pays. That didn't include what we paid for our insurance.

If your income is too high for a deductible traditional IRA, then you'd need to go the SEP route. However, if your husband does not have a retirement plan at work, choosing a SEP for yourself would put an income restriction on his traditional IRA.

This answers one of my questions. Thank you.

Caat

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To the others, who think it's at all useful to fold advice into personal insults, it is not. I'm not sure where you learned that it's acceptable or helpful to call people names who are asking legitimate questions, trying to improve their situation.

Excuse the hell out of me that we pretty much live paycheck to paycheck and it's upsetting to me that we are this year not able to take the same deductions that we were last year because of change in tax laws -- according to our CPA. And, excuse the hell out of me if I don't understand how everything works in the tax world. I must be the only one, since tax code is clearly so simple a pig could do it, right?

Of course, if I did, I wouldn't be here needing to ask such ignorant questions now, would I? (Oh, I'm sorry, my questions aren't ignorant, I'M ignorant. I have to remember that.) The next time someone asks my advice to legitimately try to learn and improve their situation, I will make sure to remember, "Call them names, hurt their feelings, and tell them what idiots and whiners they are because they don't know what I know." That will certainly work. And what a lovely example to pass down to future generations.
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