I really need a definitive answer. In 2006, I contributed to my company sponsored 401k plan. Can I also make a tax deductible contribution to my IRA in the same year? On my w-2, I have a checked box under "Retirement Plan." Does it make a difference in tax deductibility if I contribute to a traditional or Roth IRA? Thanks for your help!
2007-04-11 09:29:11 · 4 answers · asked by Jerry 2 in Business & Finance ➔ Taxes ➔ United States
1) Maybe. If you are single and you make under $50k, you should be able to do a deductible traditional IRA. If you make over $60k and are single, you can not. If you make between $50k and $60k, the $4000 IRA limit is reduced.
2) Only traditional IRAs are deductible. Roths are not.
2007-04-11 09:44:24 · answer #1 · answered by Wayne Z 7 · 3⤊ 0⤋
For The Best Adivice, See Someone At A Tax Place And They Will Tell You Everything You Need To Know About Your Questions.
2007-04-11 09:37:30 · answer #2 · answered by Anonymous · 0⤊ 0⤋
no longer a tax expert - basically choose to make sparkling the previous answer. If "Retirement plan" field in field 13 on your W2 replace into checked - you have been lined by skill of a plan and your shrink is 103k (filling at the same time), if it replace into no longer checked, shrink is 166k See info on website 29 of 1040 and do the worksheet
2016-10-21 21:29:33 · answer #3 · answered by ramayo 4 · 0⤊ 0⤋
Absolutely.
2007-04-11 09:36:17 · answer #4 · answered by T J 6 · 0⤊ 1⤋