The IRS Deductions Blog

Posts Tagged ‘ira deductible contribution limits’

Question: INVESTING AND RETIREMENT QUESTION! 10 pts!?

The deductibility of contributions to a traditional IRA can be limited by:

a. age or adjusted gross income (AGI).
b. whether or not a person has earned income.
c. whether or not a spouse is covered by a retirement plan at work.
d. All of the above factors can limit the deductibility of contributions
to a traditional IRA.

If a contribution to a traditional IRA is not deductible:

a. there is no point in making the contribution because it will not
save any tax.
b. the contribution must be used for higher education expenses
if it is withdrawn before age 59 1/2.
c. the income from the contribution will be compounded tax
deferred until the money is withdrawn.
d. it should be converted immediately to a Roth IRA.

Answer: 1- d

2- c

Items on Amazon Right Now for Deductible Contribution Limits:

Changes For Employers, Health Insurers Coming With Health Reform Implementation

Starting in September, changes to health insurance could significantly alter how insurers operate and how employers provide coverage for workers. The Milwaukee Journal-Sentinel: “Starting Sept. 23, health insurers must file annual reports that summarize what percentage of customers’ premiums went to pay medical bills. Health insurers who pay out less than 80% of the premiums they collect from …

Financing A College Education