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RD
RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8784
Experience:  CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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Can I deduct the $1,040.00 I conctributed to my IRA

Resolved Question:

I would like to know if I can deduct the $1,040.00 that i contributed to my IRA. I worked 2 jobs in 2007 and did particapte in 401k plan at one job for about 4 months. my spouse did participate in a 401k plan. also i am filling jointly. total income is $78,000.00
Submitted: 8 years ago.
Category: Tax
Expert:  RD replied 8 years ago.

Since your total income is $78000, you will be able to claim the deduction for IRA.

 

Let me know if you have any question.

 

Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases. Nothing contained in this reply was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended.

RD and other Tax Specialists are ready to help you
Customer: replied 8 years ago.
Reply to RD's Post: also I took my 401k contributions and rolled them over to my 401K plan. are they taxed deductable.
Expert:  RD replied 8 years ago.

Rollover of 401K from one plan to another is not tax deductible and they are not taxable too.

Phaseout for contribution to IRA for active participants is between $80K - $100K for married filing joint.

 

Let me know if you have any question.

 

Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases. Nothing contained in this reply was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended.