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My wife and I are married and Filing Jointly we have incomes

Customer Question
of 32000 and 34000 with...
My wife and I are married and Filing Jointly we have incomes of 32000 and 34000 with an aditional income of 45000 of investment income. I dont have a company IRA plan and my wifes company does have a employer sponsored plan. We want to contribute to a traditional IRA for this year what is the maximum we can contribute and when is the deadline?
Submitted: 8 years ago.Category: Tax
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Answered in 8 minutes by:
10/1/2009
Tax Professional: Lev, Tax Advisor replied 8 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,681
Experience: Taxes, Immigration, Labor Relations
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If you are under 50 years of age at the end of 2009: The maximum contribution that can be made to a traditional or Roth IRA is the smaller of $5,000 or the amount of your taxable compensation for 2009. This limit can be split between a traditional IRA and a Roth IRA but the combined limit is $5,000.

If you are 50 years of age or older before 2010: The maximum contribution that can be made to a traditional or Roth IRA is the smaller of $6,000 or the amount of your taxable compensation for 2009. This limit can be split between a traditional IRA and a Roth IRA but the combined limit is $6,000.

 

The maximum deductible contribution to a traditional IRA and the maximum contribution to a Roth IRA may be reduced depending on your modified adjusted gross income.

If you are not covered by a retirement plan at work, use this table to determine if your modified AGI affects the amount of your deduction.

If Your Filing Status Is...

And Your Modified AGI Is...Then You Can Take...
single, head of household, or qualifying widow(er)

any amount

a full deduction up to the amount of your contribution limit.

married filing jointly or separately with a spouse who is not covered by a plan at work

any amount

a full deduction up to the amount of your contribution limit.

married filing jointly with a spouse who is covered by a plan at work

$166,000 or less

a full deduction up to the amount of your contribution limit.

more than $166,000 but less than $176,000

a partial deduction.

$176,000 or more

no deduction.

married filing separately with a spouse who is covered by a plan at work

less than $10,000

a partial deduction.

$10,000 or more

no deduction.

If you file separately and did not live with your spouse at any time during the year, your IRA deduction is determined under the "Single" filing status.

See Individual Retirement Arrangements (IRAs), Publication 590, for additional information.

Let me know if you need any help.

 

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Customer reply replied 8 years ago

WIth any tax law it is hard to understand what they are talking about, I was looking for an answer because I have what was shown above and because of the complicated nature of the government and the tax laws, I don't understand what it is saying.

 

Customer/p>
Tax Professional: Lev, Tax Advisor replied 8 years ago

Hi Jeffery,

I will try to simplify...

1. the deadline for contribution into a traditional IRA for 2009 - is Apr 15, 2010. If you contribute after Jan 1, 2010 - you need specifically to mention that this is the contribution for 2009 (to avoid confusion and mistakes)

2. You and your spouse may contribute up to $5000 for 2009 each.

3. You may claim a deduction for your contribution without limitation (because neither of you covered by a plan at work)

4. If you older than 50 - you may contribute additional $1000 into a traditional IRA for 2009.

 

Please let me know if you need any clarification or any additional help with your tax questions.

 

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Lev
Lev
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Category: Tax
Satisfied Customers: 30,681
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