Client has high income so he is not allowed to deduct the full $6000 for an IRA. Only $2630 is allowed. He contributed $6000. I advised him to put the rest in a ROTH IRA. But in working it out in the worksheet it seems that only $2630 is allowed on the ROTH also.. My question is: If only $2630 is allowed, would that be total (contribution) on the tax return? Little puzzled, and could use a little help.
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what is his AGI?Originally posted by zeros View PostChEAr$,
Harlan Lunsford, EA n LA -
$171,633 before the IRA deduction.Comment
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Also forgot to ask if he's already covered under a retirement plan and/or if filing jointly, is wife
covered also....
Also does he have earned income..... so many variables you know.ChEAr$,
Harlan Lunsford, EA n LAComment
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IRA/Roth
He is not in a retirement plan, she is. He has earned earned of about $60K..Comment
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