Any advantage to IRA
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Thread created 02-02-2013 by stubbornboy
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The other advantage for a traditional IRA is that you deduct that amount from your income, so instead of $150k, you have $145k. However, then you will be taxed on principal and gains when you...
Any advantage to IRA
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Thread created 02-02-2013 by stubbornboy
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Also note there is a loophole to allow for Roth IRA contributions regardless of income - it involves an after tax contribution to a traditional IRA with an immediate rollover to Roth. Google the...
Any advantage to IRA
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Thread created 02-02-2013 by stubbornboy
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side note - any way to see AGI/MAGI in TurboTax BEFORE you file? What I am looking for is whether or not I am on the brink of a tax bracket, and based on that determining if I can make an IRA...
Any advantage to IRA
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Thread created 02-02-2013 by stubbornboy
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Yes, it is incorrect (in that it was $92,000 for 2012 and $95,000 for 2013) and poorly worded too. Sorry. Saw the 2013 levels earlier and mistook them for 2012 levels.
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Any advantage to IRA
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Thread created 02-02-2013 by stubbornboy
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no, just like the gains arent taxed
Any advantage to IRA
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Thread created 02-02-2013 by stubbornboy
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The most important part of this 'loophole' (created by a law expiring in 2010) is if you have any Traditional IRA assets that are pretaxed then the conversion mentioned will be done proportionally.
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Any advantage to IRA
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Thread created 02-02-2013 by stubbornboy
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I'm not aware of any restriction to contributing to a roth because you already participate in a work sponsored retirement plan. I contribute to my employee sponsors 401K and a roth. There is an...
Any advantage to IRA
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Thread created 02-02-2013 by stubbornboy
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you are right. I misread.
So I shd be good to do $5000 in Roth looks like
Any advantage to IRA
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Thread created 02-02-2013 by stubbornboy
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Contribution limits for traditional IRA's start to be reduced/phased out at incomes of $95,000 ($92,000 for 2012) for a married couple, so at $150,000 listed by the OP, I doubt that you can...
Any advantage to IRA
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Thread created 02-02-2013 by stubbornboy
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Your first paragraph is incorrect, or poorly worded.
Any advantage to IRA
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Thread created 02-02-2013 by stubbornboy
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You can see the forms if you go to the file section. Click through a few times until you get an opportunity to preview your returns.
Any advantage to IRA
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Thread created 02-02-2013 by stubbornboy
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If I use the Roth IRA money(principal) for high risk investment and end up losing it, is that tax deductible?
Any advantage to IRA
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Thread created 02-02-2013 by stubbornboy
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I also can use my roth as a second emergency find. You can remove your orgional contributions without tax penalty at anytime. Who knows if they will ever change this but right now that's kind of a...
Any advantage to IRA
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Thread created 02-02-2013 by stubbornboy
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Filing tax joint with wife. Combined income 150K (sum of all W2)
We didn't have 401k or any IRAs until last year when we opted a 401k for wife upto the max employer matches. It has only about...