Thanks for asking your question! I'm sorry to hear about your tax
issue and I'm going to try my best to help you understand or resolve it.
Thank you for your question, and thanks for using Just Answer.com.
1) Yes, this is correct.
2) Yes, your company can add an additional 12,500 as a match - that is correct.
3) Yes, but your deduction
may be limited because you have a retirement plan
at work. If $50,000 is your only income
you should be able to deduct your IRA contribution You can CLICK HERE
to read about the IRA deduction limits when you are covered by a plan at work.
Please let me know if you need anything additional. Thanks again for using JustAnswer.com and have a great day.
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You should be aware that your question, as with most tax questions, can never really be answered completely...addressing all the permutations; that is because of the many assumptions that have to be made I have done my best to determine what I think you are asking and answering it in the most direct and understandable manner possible. If, however, after reviewing the questions, you have any uncertainties or further questions, please do not hesitate to ask.