Message Font: Serif | Sans-Serif
No. of Recommendations: 0
<<You are allowed to put as much money into an IRA as you want. You can only deduct $2000 for
you and $2000 for your wife. >>

Sorry, Wendy...but this is just not true.

If you make an excess contribution to an IRA (i.e., more than you are legally allowed to make) you'll get hit with substantial penalties.

The maximum amount is $4k. The only real question is how much of the $4k will be deductible...if any.

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.