parrotdr
First Time Poster
Cash: $ 0.25
Posts: 1
Joined: 18 Feb 2005
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| IRA contribution rules? |
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I am a self-employed sole proprietor, and I have a profit-sharing plan at my office for my employees. If I do not contribute to this plan for 2004 (thus being inactive in my plan?) am I eligible for an IRA contribution in my name?
Thanks for the help!
Eliot
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Fri Feb 18, 2005 4:49 pm |
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BlankenshipFP
Money Talk Advisor
Cash: $ 79.56
Posts: 390
Joined: 05 Oct 2004
Location: Illinois
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My understanding of the law is that if you are among the class that is eligible for participation in the retirement plan as an employee, then you can not take a deduction for an IRA contribution.
Hope this helps -
Jim Blankenship, CFP®, EA
Blankenship Financial Planning, Ltd.
www.BlankenshipFinancial.com
Standard IRS Circular 230 Notice Applies
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Sun Feb 20, 2005 11:28 pm |
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