04-02-2004, 10:59 PM
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 Re: IRA tax deductions "Sassy Baskets" <sassybaskets[at]hotmail.com> wrote: - quote - > nishu_mittal02[at]yahoo.com (Mike) wrote:
EXCELLENT observation! I've followed this thread and I> > I'm trying to figure out my deductions for the IRA account. > > I'm filing as > > > 1. Married filing jointly. > > 2. AGI 210,000 > > 3. Both of us are not covered by any retirement plan by > > employer. > > 4. Both of us has traditional IRA account. > > 5. Both of us made $3000 each toward 2003 contributions. > > 6. This is the first year we opened an IRA account. > > > I'm filing taxes via Turbo Tax on the web and for some > > reason it shows that, we can not deduct any amount for our > > IRA contributions. We did not receive any Social security > > benefit or any such income. All IRS publications indicate > > that there is no AGI limit for 100% traditional IRA > > deductions married filing jointly and not covered by > > retirement plan. > > > Am I missing something?? > First, strictly speaking there's no deduction for an IRA for > anyone. It's an adjustment to income. Are you sure you're > looking for it in the right place? > Next, were you under 70 1/2 years of age at the end of 2003? > If not, you cannot make tax-free contributions to an IRA. > And finally, were at least $6000 of your income from taxable > compensation, such as wages, salaries, commissions, tips, > bonuses, or net income from self-employment? (Compensation > does not include earnings and profits from property, such as > rental income, interest and dividend income, or any amount > received as pension or annuity income, or as deferred > compensation.) missed considering these things. Sassy is on the ball. Gene E. Utterback, EA << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
04-01-2004, 12:50 PM
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| Re: IRA tax deductions nishu_mittal02[at]yahoo.com (Mike) wrote: - quote - > I'm trying to figure out my deductions for the IRA account.
First, strictly speaking there's no deduction for an IRA for> I'm filing as > 1. Married filing jointly. > 2. AGI 210,000 > 3. Both of us are not covered by any retirement plan by > employer. > 4. Both of us has traditional IRA account. > 5. Both of us made $3000 each toward 2003 contributions. > 6. This is the first year we opened an IRA account. > I'm filing taxes via Turbo Tax on the web and for some > reason it shows that, we can not deduct any amount for our > IRA contributions. We did not receive any Social security > benefit or any such income. All IRS publications indicate > that there is no AGI limit for 100% traditional IRA > deductions married filing jointly and not covered by > retirement plan. > Am I missing something?? anyone. It's an adjustment to income. Are you sure you're looking for it in the right place? Next, were you under 70 1/2 years of age at the end of 2003? If not, you cannot make tax-free contributions to an IRA. And finally, were at least $6000 of your income from taxable compensation, such as wages, salaries, commissions, tips, bonuses, or net income from self–employment? (Compensation does not include earnings and profits from property, such as rental income, interest and dividend income, or any amount received as pension or annuity income, or as deferred compensation.) << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| deductions, ira, tax |
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