3
votes
2answers
135 views

How can I calculate my income for purposes of an IRA deduction when I have HSA/401k deductions?

This chart here has the income restrictions for IRA deduction income limits. It does not use your AGI but a modified AGI. I have been unable to find any resources detailing how this income ...
3
votes
2answers
73 views

Opening and funding an IRA in three days - is this feasible?

I'm doing my taxes. (I'm doing them really late this year because I became an independent contractor and I've been paralyzed by fear - I've procrastinated quite a bit.) Turbotax is telling me that I ...
2
votes
1answer
83 views

401K participant for part of year - Can I contribute to an IRA?

I have participated in my previous employer's 401K plan (traditional and Roth) for three months of 2014. My new employer does not allow participation in their plan until one year of service. Can I ...
4
votes
1answer
200 views

Rollover IRA vs traditional IRA (can I make contributions to the rollover IRA?)

I am single and used to contribute to a Roth IRA (my last contribution was years ago), but now my AGI is over the limit to contribute to the Roth. I have a "rollover IRA" that I opened a few years ...
2
votes
1answer
225 views

Roth IRA vs. Traditional for married couple with AGI over $120k?

My wife and I have an AGI somewhere between $120k - $140k depending on how much I make on side gigs throughout the year. We both started new full-time jobs within the last 12 months. Here is the ...
0
votes
2answers
66 views

Will a contribution towards Traditional IRA be deductible for 2012?

I switched to a job in 2012 which didn't offer a retirement plan in October, 2012. Prior to this job, I was covered with an IRA account from my previous employer. I will be filing the returns with my ...
9
votes
6answers
2k views

Why should one only contribute up to the employer's match in a 401(k)?

On a recent edition of Jim Cramer's Mad Money, he urgently (does he do things otherwise?) recommended that you ONLY contribute up to the employer's match in your 401(k) and put the rest of what you ...
4
votes
1answer
100 views

Can I deduct a contribution to an IRA if I also contribute to a 401(k) in the same tax year?

Can I deduct a contribution to a traditional IRA if I am also contributing to a 401(k) in the same tax year?
8
votes
4answers
148 views

What are the IRAs tax deduction limits when contributing to both Traditional and Roth IRAs?

If I fall into the phase-out range for a tax deduction on a Traditional IRA can I contribute to said account up to my tax deduction limits for said accounts then contribute the rest of my $ to a Roth ...
4
votes
1answer
80 views

How do I take a loss on an IRA I converted to a Roth IRA?

Can I take a loss on conversion? If so, how do I do so (i.e. what U.S. tax form do I use)?
2
votes
3answers
243 views

Why opening a traditional IRA is not helping my tax forecast for 2010?

I am using the IRA Calculator from one of the main tax software. Link here After I put the information of my spouse and I, it comes out saying that there is no marginal tax saving for neither of us. ...
9
votes
2answers
1k views

TurboTax is telling me to open an IRA now, and get a $5K deduction this year, is this a smart thing to do?

I'm 21 years old, and 2009's total itemized deduction for me is $1,908. I'm going with the standard deduction, but next year seems like it has a lot of potential to save if I open up this IRA that ...