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Posted by nickravo1 on November 8, 2006, 2:44 am
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I earn $0 and my wife earns $100k? If so, is my contribution
tax deductible?
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Posted by Herb Smith on November 10, 2006, 2:02 am
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nickravo1@gmail.com wrote:
> I earn $0 and my wife earns $100k? If so, is my contribution
> tax deductible?
If you file Married Filing Joint, your wife can contribute
to a spousal IRA in your name. Whether it will be
deductible depends on information not given, such as whether
your wife is covered by an employer's retirement plan at
work.
Provide additional information and we'll try to give you a
more detailed answer.
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by bono9763@yahoo.com on November 10, 2006, 2:02 am
Please log in for more thread options nickra...@gmail.com wrote:
> I earn $0 and my wife earns $100k? If so, is my contribution
> tax deductible?
As long as she has enough earned income to cover your
contribution, you can contribute to an IRA. If you are not
covered by a retirement plan, you can generally deduct your
contribution. However, if your wife is covered by a plan and
your modified AGI is over $150,000, your ability to deduct
your contribution may be limited.
Dennis
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Harlan Lunsford on November 10, 2006, 2:02 am
Please log in for more thread options nickravo1@gmail.com wrote:
> I earn $0 and my wife earns $100k? If so, is my contribution
> tax deductible?
More info please. Is your wife covered by a pension plan
where she works?
ChEAr$,
Harlan Lunsford, EA n LA
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by nickravo1 on November 11, 2006, 11:10 am
Please log in for more thread options Harlan Lunsford wrote:
> nickravo1@gmail.com wrote:
>> I earn $0 and my wife earns $100k? If so, is my contribution
>> tax deductible?
> More info please. Is your wife covered by a pension plan
> where she works?
Wife has a IRA 401k from employer, AGI is likely around $150K.
To complcate: we are in Australia, Americans working for an
Australian subsidiary of a US firm.
Moderator:
For personal reasons, I'd like to know where you are in OZ,
how you like it, and how well you are adjusting to the flies.
Please e-mail me at my aol address of rdadamsii.
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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