SethNaga
New Member
Cash: $ 1.80
Posts: 8
Joined: 16 Jan 2006
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| Pre Tax IRA |
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I worked for 6 months (Jan 05 to Jun 05), but did not participate in the company 401k.
Can I contribute Pre Tax IRA of 4000$ ?
Today I received my W2 and they have �Check Mark� in box 13 (Retirement. Plan Box) Is this a mistake?
Thanks for your help
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Fri Feb 03, 2006 3:33 am |
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efflandt
Senior Member
Cash: $ 80.45
Posts: 401
Joined: 25 Apr 2005
Location: Elgin, IL USA
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If you had the opportunity to participate in a 401k (whether you participated or not) you are considered covered by a qualified employee plan. Whether you can still make a tax deductable contribution to an IRA depends upon your income.
Assuming single the AGI limits are:
$45k or less - fully deductable
$45-55k - partially deductable
over $55k - not deductable (if you qualify for Roth IRA, that would be a better choice)
Married income limits are higher
For details, read through IRS publication 590, especially the section "How Much Can You Deduct?" beginning http://www.irs.gov/publications/p590/ch01.html#d0e1311 until you hit "What If You Inherit an IRA?"
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Sat Feb 04, 2006 1:49 am |
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SethNaga
New Member
Cash: $ 1.80
Posts: 8
Joined: 16 Jan 2006
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Thanks every one for your reply
After reading the postings, I now know that I cannot claim Pre tax IRA
I will open a Roth IRA Account
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Sat Feb 04, 2006 2:04 am |
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MattL
Senior Member
Cash: $ 46.85
Posts: 234
Joined: 25 Jun 2005
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quote:
Originally posted by SethNaga
Thanks every one for your reply
After reading the postings, I now know that I cannot claim Pre tax IRA
I will open a Roth IRA Account
Also keep in mind that you can contribute for 2005 up until April 15. That way you can also contribute an additional $4k for 2006.
Debt Elimination
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Sat Feb 04, 2006 9:04 pm |
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MattL
Senior Member
Cash: $ 46.85
Posts: 234
Joined: 25 Jun 2005
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quote:
Originally posted by muneepenee
1. yu kan send 4k$ tu ira provided yer 2005 inkum >=4k$.
if kumpanee hav 401k or penshun or wotever dont matter.
if yer inkum >ira limit (bout 110,000$), sum or all av ira $ is not deduktabel from inkum tax. But yu kan still put it in.
And yu hav til 15 Apr 06 tu duit.
Dude...can you spell normally? This isn't a 13 year old's chat room. It's kind of irritating.
Debt Elimination
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Sat Feb 04, 2006 9:06 pm |
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patticaryl
Member
Cash: $ 2.10
Posts: 10
Joined: 18 May 2005
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| Don't bother reading posts from muneepenee |
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I find his posts so irritating that if he had any valuable input or worthy knowledge, it's not worth deciphering what he's trying to say. Anyone writing like that has to be such a kid, what would he know anyway.
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Tue Feb 07, 2006 3:11 pm |
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