Author Topic: reg tax returns  (Read 1485 times)

vagabond

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reg tax returns
« on: February 21, 2014, 11:17:29 AM »
please help me understand - for married filing jointly if my MAGI is > 115000 k  and both myself and DW have contributed some amount to respective 401k's @ work ( though didnt max those ) , can we not deduct the traditional IRA contributions for 5.5k each.

matchewed

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Re: reg tax returns
« Reply #1 on: February 21, 2014, 11:27:06 AM »
http://www.irs.gov/pub/irs-pdf/p590.pdf

In particular go to page 12 where they outline deductions and how they are affected by employer sponsored plans (more information on page 14).

Ashcons

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matchewed

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Re: reg tax returns
« Reply #3 on: February 21, 2014, 11:32:40 AM »
A much better answer than mine. :)

vagabond

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Re: reg tax returns
« Reply #4 on: February 21, 2014, 11:49:14 AM »
thanks all for your replies. With no deductions , that gives zero incentive to contribute to traditional IRA.

Also lesson learnt the hard way for this year - will need to be more tax efficient for next year.

Was hoping if there was a way to somehow make up for the missed opportunity to contribute the difference of 17.5k- partial contribution made for last :-)

jhartt3

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Re: reg tax returns
« Reply #5 on: February 21, 2014, 01:08:39 PM »
put it in a Roth IRA.  you can still get that tax benefit.  AND if your MAGI is over 115k you should be able to max out 401k's and Roth IRAs.