Sentences with phrase «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.

The deductible amount could be reduced or eliminated if you or your spouse is already 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 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.

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

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.

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

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.

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

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.

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

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

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.

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.

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.

By contrast, employees not covered by a retirement plan at work can deduct their full traditional IRA contribution on their federal taxes.

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.

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.

If were covered by retirement plan at work or through self - employment, or repaid benefits in the tax year, or need to file Forms 4563, 8815 or excluding employer - provided adoption benefits, or income from sources within Puerto Rico, you can not use this system.

If your income is below a certain level or you are not covered by a retirement plan at work, deposits into a traditional IRA can be deducted.

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

Not exact matches

These people are also likely to be covered by health insurance and a retirement plan at work In most cases they work hard for what they have, but at least they have something to show for it: security and decencies and a lifestyle beyond the wildest imagination of their grandparents.

As you will see below, whether you or even your spouse are covered by an employer plan at work could easily befuddle anyone who is trying to prepare for retirement.

Unfortunately, this deduction goes away once your adjusted gross income (AGI) exceeds certain levels depending on your marital status and whether you or your spouse are covered by a retirement savings plan at work.

For example, the limitation on deductibility of traditional IRA contributions is not only based on income, but also on whether or not you (or your spouse) are covered by some kind of retirement plan at work.