Sentences with phrase «partially deductible contribution»

For married couples filing jointly where either spouse is covered by a workplace retirement plan, the income limit is $ 99,000 for a fully deductible $ 5,500 contribution and $ 119,000 for a partially deductible contribution.

If your filing status is single or head of household and your modified adjusted gross income (MAGI) is below $ 62,000, you can contribute up to $ 5,500 ($ 6,500 if you are age 50 or older) pretax in 2017; if your MAGI is between $ 62,000 and $ 72,000, you can make a partially deductible contribution.

Not exact matches

If you (or your spouse, if applicable) are covered by an employer retirement plan, you can still make contributions to a traditional IRA, but depending on your income, they may qualify as partially tax - deductible or totally non-tax-deductible IRA contributions.

«I believe that it is important that the Treasury and the IRS issue guidance or a formal opinion letter whether taxpayer contributions to state authorized trust funds, partially reimbursed by credits reducing state and local income taxes, will be considered deductible for federal tax purposes,» Faso wrote in the letter.

If you (or your spouse, if applicable) are covered by an employer retirement plan, you can still make contributions to a traditional IRA, but depending on your income, they may qualify as partially tax - deductible or totally non-tax-deductible IRA contributions.

Contributions to a Traditional IRA may be fully or partially tax deductible.

Contributions made to a traditional IRA may be fully or partially deductible.

In most cases, the contributions that you make into a traditional IRA are fully or partially deductible — depending on your circumstances.

By understanding these three principles, you can determine if you qualify for a Deductible IRA, whether your contributions are fully deductible or partially dDeductible IRA, whether your contributions are fully deductible or partially ddeductible or partially deductibledeductible.

However, I found out today that beyond a certain annual income ($ 61,000) the contributions are only partially deductible and over a slightly higher threshold ($ 71,000) they are not deductible at all.

Even with tax law changes, your IRA contributions may be fully or partially deductible, depending on your personal financial situation.