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I DO NOT HAVE A 401 K AT MY JOB CAN I BUY A IRA NOW AND

Customer Question
I DO NOT HAVE...

I DO NOT HAVE A 401 K AT MY JOB CAN I BUY A IRA NOW AND DEDUCT IT FOR 2017 ALSO IS THER AN ADDITIONAL STANDARD DEDUCTION AMT FOR PEOPLE OVER 65 THAT I CAN TAKE TAKE ADVANTAGE FOR I AM 69

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

MY AGI WITH MY SS CHECK IS $166,000 AND I AM SINGLE

Submitted: 3 months ago.Category: Tax
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1/4/2018
Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 3 months ago
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,178
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
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Welcome to JustAnswer!

My name is***** will assist you today.

If you do not have access to a 401K from your employer you may contribute to an IRA as long as you are under 70 1/2.

___

You are still able to open an IRA and make a contribution for 2017 even though it is currently 2018. You would need to make the contribution before April 15, 2017

___

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Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 3 months ago

The standard deduction amount for 2017 is $6,350 and for people over 65 you will receive an additional $1,250

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Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 3 months ago

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Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 3 months ago

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