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Message
Any alternatives if unable to deduct IRA contributions?
Posted on 9/29/11 at 10:04 pm
Posted on 9/29/11 at 10:04 pm
I will be getting married this fall, am trying to firm up our retirement savings plan, and am looking for advice.
My fiance and I are currently both covered by 401k plans, however, once married, she will move from full-time to a contract position that will not provide a retirement plan. Due to income restrictions, if she were to contribute to an IRA, we would not be able to deduct any of the contributions on our taxes.
So, is there a more efficient device than an IRA so that we can save more for retirement?
My fiance and I are currently both covered by 401k plans, however, once married, she will move from full-time to a contract position that will not provide a retirement plan. Due to income restrictions, if she were to contribute to an IRA, we would not be able to deduct any of the contributions on our taxes.
So, is there a more efficient device than an IRA so that we can save more for retirement?
Posted on 9/29/11 at 10:27 pm to rmc
quote:
Look ito SEP IRAs. Don't know a whole lot about them yet but I am in that situation now.
probably the answer if she's going 1099. But speak with a professional to verify. SEPs can help you put away a shite-ton of money though, if it's the right vehicle for your situation.
Posted on 9/29/11 at 10:36 pm to ProjectP2294
quote:
ProjectP2294
quote:
rmc
Thanks, I'll look into it. We definitely plan to go the CPA route this year and hope to get some good advice, but I like to do my homework before.
Posted on 9/30/11 at 7:18 am to TheHiddenFlask
We have SEP IRA's and Roths' and have been happy. You can but just north or 14K/year in them.
Biggest thing with a SEP is if you have employees after year 3 you MUST put in the same percentage contribution in their SEP that you do in yours.
Biggest thing with a SEP is if you have employees after year 3 you MUST put in the same percentage contribution in their SEP that you do in yours.
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