|
Posted by Scott Cole on February 21, 2007, 6:28 pm
Please log in for more thread options
I have been doing my taxes for several years now with
TurboTax.. For about 3 years my wife was unemployed and
TurboTax has suggested, and I've followed their advice of
investing the maximum into an IRA in her name. I want do
this again.. I have not qualified for a traditional IRA in a
long time (both due to income and 401k at my job).
She just started working again (November of 2006), however
though she applied for IRA when she started, they would not
deduct till February of 2007. When I get to the IRA
analyzer in TT, they ask if she has a 401k at work. She
does, but they did not allow her to contribute till February
of 2007. When I check "Yes" to the 401k question, TT of
course does not suggest the IRA, as has having a 401k
precludes us from getting the deduction for her
contribution. So the question is, Can I make the
contribution and take the deduction for 2006, since she was
not eligible for the 401k at her job till 2007.
Thank you
Scott
<< ======================================================= >>
<< 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. >>
<< ======================================================= >>
| 
Yahoo! 
Google 
Windows Live 
del.icio.us 
digg 
Netscape 
XML Sitemap