Sentences with phrase «by a retirement plan at work»

The mere fact that this single working is not covered by a retirement plan at work means that he or she will not have that opportunity to build up assets in an employer plan.

My wife would though I suppose since she isn't covered by a retirement plan at work.

With Roth IRAs, whether or not one is covered by a retirement plan at work does not matter.

Depending upon your family income and upon whether or not you or your spouse was covered by a retirement plan at work during the year, your deduction for your traditional IRA contribution may be reduced or eliminated.

When looking at employer - sponsored retirement plans, a mere 40 percent of respondents know, with a high degree of confidence, how much of their current income will be replaced by their retirement plan at work.

The deductible amount could be reduced or eliminated if you or your spouse is already covered by a retirement plan at work.

Pre-tax contributions to a traditional IRA may be tax - deductible, depending on your income, filing status and whether you are covered by a retirement plan at work.

, depending on your income, filing status and whether you are covered by a retirement plan at work.

2The «Retirement Plan» box in Box 13 of your W - 2 tax form should be checked if you were covered by a retirement plan at work.

You can take the full deduction for your contribution, unless you or your spouse is covered by a retirement plan at work.

If you aren't covered by a retirement plan at work, you can deduct your entire annual Traditional IRA contribution limit, which is $ 5,500 for 2017 — $ 6,500 if you're 50 or older.

If you or your spouse is covered by a retirement plan at work, you can deduct your contributions based on the income guidelines in the chart below.

If you or your spouse is covered by a retirement plan at work (such as a 401k or 403b) and you make a significant amount of money, you may not be able to deduct your traditional IRA contributions from your current year's taxes.

If you're not covered by a retirement plan at work, you can deduct the entire amount of your IRA contribution (up to $ 5,500 annually, or $ 6,500 if you're 50 or older) on your income tax return.

If you are covered by a retirement plan at work, you can make a full or partially deductible contribution to a Traditional IRA, based on your modified adjusted gross income (MAGI).

Deductions vary according to your modified adjusted gross income (MAGI) and whether or not you're covered by a retirement plan at work.

Whether either of you is covered by a retirement plan at work is not relevant.

My spouse is covered by a retirement plan at work, but I am not.

If you're married filing jointly and covered by a retirement plan at work, then you can take a tax deduction on your traditional IRA contribution, as long as your adjusted income is below $ 99,000.

If you are covered by a retirement plan at work (e.g., a 401k or pension) and your income exceeds certain limits, you can't take a deduction for a traditional IRA contribution, so a Roth IRA is the obvious choice.

Recently, fellow Motley Fool Matthew Frankel did a great job at explaining adjusted income limits for IRA's here, but in short, if you're single and you are covered by a retirement plan at work, you can take the full deduction on a traditional IRA contribution if your adjusted income is below $ 62,000 in 2017.

In order to qualify for a tax deduction on a traditional IRA contribution, your modified adjusted gross income has to be below set limits if you, or your spouse, are covered by a retirement plan at work.

TO CLAIM A TAX DEDUCTION for your traditional IRA contribution, much hinges on whether you are covered by a retirement plan at work.

If you are covered by a retirement plan at work, you can take a full IRA deduction in 2010 if your modified Adjusted Gross Income is $ 89,000 or less (married filing jointly) or $ 56,000 or less (single or head of household).

Deductions vary according to your modified adjusted gross income (MAGI) and whether or not you're covered by a retirement plan at work.

For 2013, if you are covered by a retirement plan at work, your deduction for contributions to a traditional IRA is reduced if your MAGI is:

For 2015, if you either live with your spouse or file a joint return, and your spouse is covered by a retirement plan at work but you are not, your deduction is phased out if your modified AGI is more than $ 183,000 but less than $ 193,000.

If you or your spouse is covered by a retirement plan at work, you can deduct your contributions based on the income guidelines in the chart below.

If you aren't covered by a retirement plan at work, you can deduct your entire annual Traditional IRA contribution limit, which is $ 5,500 for 2017 — $ 6,500 if you're 50 or older.

Your full IRA contributions can always be deducted from your income for tax purposes if you are not covered by a retirement plan at work.

If you or your spouse is covered by a retirement plan at work (such as a 401k or 403b) and you make a significant amount of money, you may not be able to deduct your traditional IRA contributions from your current year's taxes.

The deductible amount could be reduced or eliminated if you or your spouse is already covered by a retirement plan at work.

For single taxpayers who are covered by a retirement plan at work, IRA contribution strategies get more complicated.

This table summarizes traditional IRA rules, where a married taxpayer filing jointly is covered by a retirement plan at work.

Whether or not you and / or your spouse are covered by retirement plans at work is a major factor in complicating the IRA rules.

Rows 2, 3, and 4 of this table cover the situation where a single taxpayer is covered by a retirement plan at work.

Therefore, most single taxpayers who are not covered by retirement plans at work would usually find traditional IRA contributions to be more beneficial.

This table summarizes the rules for traditional IRA contributions, deductions, and tax basis, for married taxpayers filing jointly, when neither spouse is covered by a retirement plan at work.

If you are not covered by a retirement plan at work, but your spouse is covered by a work plan, then these rules apply:

The last two tables suggest optimal contribution strategies for single taxpayers who either are or are not covered by a retirement plan at work.

For single taxpayers who are not covered by a retirement plan at work, IRA contribution strategies are relatively straightforward.

Roth IRA contributions are never deductible, and thus it does not matter whether you are covered by a retirement plan at work.

The rules are more simple because they do not depend upon whether you or your spouse are covered by a retirement plan at work.

For 2018, if you are not covered by a retirement plan at work, but your spouse is, and you file a joint tax return, your traditional IRA contribution is fully deductible if your MAGI is $ 189,000 or less.

You can claim a tax deduction for a traditional IRA up to the maximum contribution, although the deduction can be limited if you or your spouse are covered by a retirement plan at work and your income exceeds certain levels.

If you or your spouse are already covered by a retirement plan at work, the IRA deduction may be reduced or eliminated once your income exceeds certain thresholds.

The IRS will allow you to take an IRA deduction as a low - income taxpayer, even if both you and your spouse are covered by retirement plans at work.

For example, in 2017 if you were a single filer covered by a retirement plan at work, you could still deduct your full IRA contribution with a modified adjusted gross income as high as $ 62,000.

Be sure to refer to these charts from the IRS (linked above) for those who are covered and those who are not covered by a retirement plan at work.