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Posted by Scar on March 24, 2008, 1:28 pm
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In 2007 the only income I had was from Interest,
Dividends, and Capital Gains (long & short).
No W-2's, no 1099-MISC's.
Can I contribute to an IRA and deduct the contribution?
TIA
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<< 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 >>
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Posted by Bill Brown on March 24, 2008, 1:57 pm
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> In 2007 the only income I had was from Interest,
> Dividends, and Capital Gains (long & short).
> No W-2's, no 1099-MISC's.
>
> Can I contribute to an IRA ...
No.
>... and deduct the contribution?
No.
--
<< ------------------------------------------------------- >>
<< 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 (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by Scar on March 24, 2008, 8:23 pm
Please log in for more thread options Bill Brown wrote:
>> In 2007 the only income I had was from Interest,
>> Dividends, and Capital Gains (long & short).
>> No W-2's, no 1099-MISC's.
>>
>> Can I contribute to an IRA ...
>
> No.
>
>> ... and deduct the contribution?
>
> No.
Well, blah... blah that I can't contribute/deduct.
I appreciate the 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 (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by GSalisbury on March 24, 2008, 8:42 pm
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>> In 2007 the only income I had was from Interest,
>> Dividends, and Capital Gains (long & short).
>> No W-2's, no 1099-MISC's.
>>
>> Can I contribute to an IRA ...
>
> No.
>
>>... and deduct the contribution?
>
> No.
>
A point of clarification please...
MFJ.
Husband has W2, SS and 1099Int income etc. and a 401k at work.
Wife has SS and 1099Div, Int and B w/Short&Long Cap Gains and no prior IRA.
Taxcut is implying wife can make contribution to/open a $5000 IRA.
Assuming this is enough to go on... would that be correct?
Thanks.
Geo. Salisbury
--
<< ------------------------------------------------------- >>
<< 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 (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by Ernie Klein on March 24, 2008, 9:04 pm
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> >> In 2007 the only income I had was from Interest,
> >> Dividends, and Capital Gains (long & short).
> >> No W-2's, no 1099-MISC's.
> >>
> >> Can I contribute to an IRA ...
> >
> > No.
> >
> >>... and deduct the contribution?
> > contributation
> > No.
> >
> A point of clarification please...
> MFJ.
> Husband has W2, SS and 1099Int income etc. and a 401k at work.
> Wife has SS and 1099Div, Int and B w/Short&Long Cap Gains and no prior IRA.
> Taxcut is implying wife can make contribution to/open a $5000 IRA.
> Assuming this is enough to go on... would that be correct?
> Thanks.
> Geo. Salisbury
That wasn't the original question which was answered that only earned
income can be used to fund an IRA up to the maximum allowed
contributation.
In case of MFJ, it doesn't matter which spouse has the earned income,
both spouses can contribute to their own IRA but the combined total
cannot exceed the total amount of earned income.
So, if the husbands W2 income is earned income, and is more than $5000,
then Taxcut is correct.
--
-Ernie-
--
<< ------------------------------------------------------- >>
<< 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 (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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