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My wife and I file jointly, and have an AGI od 154000, she ...

My wife and I file...
My wife and I file jointly, and have an AGI od 154000, she does not contribute to a retirement plan but her W-2 box 13 has "retirement plan" checked. can she purchase an IRA (4000) and deduct it fully so to have an AGI of 150,000.?
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Answered in 8 minutes by:
3/3/2008
Bill
Bill, Enrolled Agent
Category: Tax
Satisfied Customers: 3,153
Experience: EA, CEBS - 35 years experience providing financial advice
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No she is not eligible to make a deductible IRA contribution based on the W-2 information. If she is not covered by any retirement plan (meaning she does not contribute nor does she receive any employer contributions, accruals or any forfeitures) then the W-2 information is incorrect and she should have her employer issue a corrected W-2. If a corrected W-2 is received with the box 13 retirement box unchecked, then she would be eligible to make a deductible IRA contribution.

See pages 14 - 16 - http://www.irs.gov/pub/irs-pdf/p590.pdf

 

 

 

Bill
Bill, Enrolled Agent
Category: Tax
Satisfied Customers: 3,153
Experience: EA, CEBS - 35 years experience providing financial advice
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