No. of Recommendations: 0
Sonoma wrote:
I need some advice on the details of opening an IRA. My wife and I both work, and our combined income for '97 will (probably) be just over $100,000. Neither of us are eligble for 401(k)'s in 1997, but both of us will be in 1998. Can we both open an IRA for 1997 and deposit $2,000 each into it before taxes, or will it be a non-deductable contribution? Thanks in advance for your help.>>

The key to determining whether you can make a deductible contribution for 1997 is whether or not you were eligible at any point in 1997 for a 401(k) or other qualified retirement plan (the benefits offices can tell you if you are not sure). If you weren't eligible, you can make either a deductible or non-deductible contribution. If you were eligible, your 1997 contribution would have to be non-deductible.
Print the post  


The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
Live Video Event Monday!
The GP team is hosting a live video event on Monday at 4 p.m. ET. Don't worry if you can't make it — we'll have a replay and a transcript. Click for more!
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.