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Started By
Message
Question about IRA
Posted on 3/31/15 at 9:53 am
Posted on 3/31/15 at 9:53 am
Is it too late to open a traditional IRA for 2014 for tax purposes?
Or do you have to have the IRA already open by dec 31, 2014 in order to contribute? I have a Roth but I don't want to have to owe taxes if I can avoid this year.
Or do you have to have the IRA already open by dec 31, 2014 in order to contribute? I have a Roth but I don't want to have to owe taxes if I can avoid this year.
3
Posted on 3/31/15 at 10:07 am to DaBeerz
Not too late
Posted on 3/31/15 at 10:18 am to DaBeerz
I opened IRA's on 4/15 before to reduce the tax burden a couple years ago.
Posted on 3/31/15 at 10:19 am to LSUGUMBO
Sweet, thanks g
Posted on 3/31/15 at 10:56 am to DaBeerz
I'm confused about this though. I'm married filing jointly and my understanding is that if you make more than 118k in your modified AGI you can't get the tax benefits, right?
Posted on 3/31/15 at 11:33 am to Rev1897
Only if you and your spouse are active in a retirement plan at work. Otherwise, deduct away.
ETA: Google "Active Participant"
ETA: Google "Active Participant"
This post was edited on 3/31/15 at 11:34 am
Posted on 3/31/15 at 12:55 pm to iknowmorethanyou
My wife is, I'm not in a plan for 2014, this year I will start earning 17% of my salary at year end for retirement
This post was edited on 3/31/15 at 12:56 pm
Posted on 3/31/15 at 1:20 pm to DaBeerz
Wife is a teacher, so she gets Teacher's Retirement from the state. Guess that means she is an active participant.
Posted on 3/31/15 at 2:26 pm to Rev1897
I could be wrong here, but want to say the AGI cap for YOUR deductible contributions (if a spouse actively participates) is $181K for 2014.
Posted on 3/31/15 at 3:24 pm to iknowmorethanyou
Oh, well if its 181k I can do the IRA. I'll research more.
Posted on 3/31/15 at 4:00 pm to DaBeerz
Posted on 4/1/15 at 1:28 am to iknowmorethanyou
Spousal phaseout starts at 181 and is completely phased out at 191 for IRAs. But sounds like your combined MAGI isn't 181 so as long as you are not active in a qualified plan, even though your wife is, you are good to go.
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