Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

If I was make $65,000 in 2017 and was not covered by an

Customer Question
Hello, if I was...

Hello, if I was make $65,000 in 2017 and was not covered by an employer ira, how much can I contribute to a new ira that will be tax-deductible on my 2017 tax returns?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

If I was making $65,000 in 2017 and was not covered by an employer ira, how much can I contribute to a new ira that will be tax-deductible on my 2017 tax returns?

Submitted: 4 months ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 10 minutes by:
3/15/2018
Tax Professional: Barbara, Enrolled Agent replied 4 months ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,394
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Based on the information you provided,

For 2017, your total contributions to all of your traditional and Roth IRAs cannot be more than:

  • $5,500 ($6,500 if you’re age 50 or older)

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-limits

If you are not covered by a retirement plan at work, your MAGI can be any amount and you can take the full deduction.

https://www.irs.gov/retirement-plans/2017-ira-deduction-limits-effect-of-modified-agi-on-deduction-if-you-are-not-covered-by-a-retirement-plan-at-work

Please let me know if I can assist you further.

Thank you and best regards,

Barb

Ask Your Own Tax Question
Customer reply replied 4 months ago
What would I benefit from a Roth IRA?
Tax Professional: Barbara, Enrolled Agent replied 4 months ago

Contributions to a Roth IRA are taxable when you make them.

Ask Your Own Tax Question
Tax Professional: Barbara, Enrolled Agent replied 4 months ago

Just following up with you to see if you have any other questions. If so, please let me know so I can continue to assist you.

Ask Your Own Tax Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Barbara Your Own Question
Barbara
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,394
6,394 Satisfied Customers
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.

Barbara is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
I have questions about whether I can make deductible
I have questions about whether I can make deductible contributions to our SEP IRA under the new tax laws. My wife and I both have separate SEP IRAs but we are both over 70 1/2. … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,155 satisfied customers
Excess sep contribution; s/e individual (no employees) in
excess sep contribution; s/e individual (no employees) in 2017. the contribution was for the 2016 return. Correct amount was deducted. Wondering how to get the excess contribution out of the account a… read more
Bill
Bill
Master's Degree
2,278 satisfied customers
I have a couple clients that are interested to contribute to
I have a young couple clients that are interested to contribute to traditional IRA for the year 2017. In the earlier part of the year, one of the couples was participating in the employer retirement p… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Turbotax says I cannot make an IRA contribution for 2017. I
Second opinion] Turbotax says I cannot make an IRA contribution for 2017. I am now 68 as of 01/18. I made a cont. last yr $5000 (limit $6500). Why would I not be able to this yr?… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,474 satisfied customers
SEP & IRA - -Married Filing Joint taxpayers with AGI of $
SEP & IRA - -Married Filing Joint taxpayers with AGI of $ 167,116 -Only one spouse works - Receives a W2 from a S-corporation that he owns 50/50 with spouse. -Working spouse is covered by a SEP at his… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,474 satisfied customers
Question on opening an IRA to reduce my current 2017 tax
Question on opening an IRA to reduce my current 2017 tax obligation. I owe about 800 federal, looks like I can open an IRA and if I put in around 3000 it will take my tax liability to zero. Does that … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I have an s-corp, how much can i contribute for tax year
Hi I have an s-corp, how much can i contribute for tax year 2017? Also, i have seceral iras and learned the hard way that a sepIra was bad advice from my accountant! simple IRA or traditional? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I file a joint return with my husband. I have a rollover IRA
I file a joint return with my husband. I have a rollover IRA and want to do a contribution for 2017 to be able to use it as a tax deduction. 2 questions: What is the cap on individual contributions th… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I have changed jobs and had a 401-K in my first job and
I have changed jobs and had a 401-K in my first job and contributed $6,665 during the first 4 months of the year. I recently obtained a new job which does not YET allow me to contribute to a 401-K ...… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,328 satisfied customers
Traditional IRA contribution - *Married taxpayers file MFJ
Traditional IRA contribution -*Married taxpayers file MFJ *One spouse covered by retirement plan, one is not *AGI will be over $ 200K for 2017 *Taxpayer that is not covered by retirement plan, contrib… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,474 satisfied customers
2016 retirement contributions Husband gross W-2 $190k,
2016 retirement contributions Husband gross W-2 $190k, covered by 403b Wife $10k net from schedule C; no W-2 What are our options for contributions? IRA SEP Can we choose Roth or not for each/either? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
A SINGLE TAXPAYER, AGE 45, HAS W-2 WAGES OF $85,000 (PER
A SINGLE TAXPAYER, AGE 45, HAS W-2 WAGES OF $85,000 (PER W-2, SHE IS "NOT" COVERED BY EMPLOYER RETIREMENT PLAN) AND $50,000 OF SCHEDULE C SELF-EMPLOYMENT TAXABLE INCOME (FOR WHICH SHE HAS MADE A SEP C… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
Can I make a IRA contibution and take an IRA deduction if I
Can I make a IRA contibution and take an IRA deduction if I had a 401k at work for part of 2009?… read more
Marvin,EA
Marvin,EA
Enrolled Agent
Bachelor's Degree
1,605 satisfied customers
My AGI is 234K, I have contributed 9K to a 457 Plan, can I
My AGI is 234K, I have contributed 9K to a 457 Plan, can I also contribute 6K to an IRA before April 15, and get a deduction for both.… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
My questions is about an IRA contribution. I just started
My questions is about an IRA contribution. I just started participating in my company 401K in December 2009. I participated only one month in 2009. I am over 50 and wanted to contribute the maximum of… read more
Bill
Bill
Master's Degree
2,278 satisfied customers
Annuity pension payment from a prior employer begins August
Annuity pension payment from a prior employer begins August 2009. Still working full time and have an active 401k at current employment funding at the 10% level, and have two IRA accounts rolled over … read more
Bill
Bill
Master's Degree
2,278 satisfied customers
How to handle an annuity pension payment from a prior employer
How to handle an annuity pension payment from a prior employer beginning August 2009. I am still working full time. I have a currently active 401k at my current employment and I have two IRA accounts … read more
Bill
Bill
Master's Degree
2,278 satisfied customers
For 2004, Seth and Sheila file a joint return. Seth earns
For 2004, Seth and Sheila file a joint return. Seth earns $35,000 teaching. He is covered by the university pension plan. Sheila is a volunteer atschool. Each would like to make a deductible contribut… read more
RD
RD
Self Employed
Master's Degree
1,164 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x