Author Topic: 2016 federal tax questions  (Read 1406 times)

braje

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2016 federal tax questions
« on: December 02, 2016, 06:07:31 PM »
I have a couple of questions re 2016 federal taxes-MFJ

Because of a one time event our (M)AGI will be 150,000.
DH is Not covered by a retirement plan, so his TIRA contribution will be deductible. Correct?

DW is covered by a retirement plan, she would be able to contribute to a Roth (front door), Correct?

We also have a rental property with a loss for 2016 of $4,000.  This loss get carried over to a future year when (M)AGI is below $100,000. Correct?
Best guess for 2017 is our (M)AGI will be less then $80,000.

MDM

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Re: 2016 federal tax questions
« Reply #1 on: December 02, 2016, 07:47:01 PM »
Yes on the two IRA questions.

Not familiar with rental tax details.

DevoCPA

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Re: 2016 federal tax questions
« Reply #2 on: December 05, 2016, 11:54:33 AM »
rental loss is carried over until MAGI is < $150k, what was the one time event?

 

Wow, a phone plan for fifteen bucks!