IRA reminder: How Much Can You Deduct?

 

Kindly reminder:  2011 IRA Contribution Deadline is April 17, 2012.

 

How Much Can You Deduct? 

If you are single or married filing jointly, and neither you nor your spouse is covered by a company retirement plan, your contribution may be completely deductible.  If you or your spouse is enrolled in a company retirement plan, a full deduction is allowed for incomes equal to or below the first of the two numbers shown on the chart. No deduction is allowed for incomes equal to or greater than the second number shown. In the range between the numbers, the maximum deductible amount phases out. If you are covered by a qualified retirement plan but your spouse isn't, your spouse is governed by different AGI limits. Keep in mind that these income levels are subject to change. Check with your tax advisor to be sure you have the most current information.  Year Joint Returns (AGI) Single Returns (AGI) 2011 $90,000-110,000 $56,000-66,000 2012 $92,000-112,000 $58,000-68,000

 

for details info, please refer IRA Deduction Worksheet on page 30-31 of 1040 instruction:

http://www.irs.gov/pub/irs-pdf/i1040gi.pdf

所有跟帖： 

• where to open IRA acct? -美西遊子- ♀ (55 bytes) () 03/22/2012 postreply 15:50:10

• 你是不是CPA？咋搞這麽明白？ -SunshineInCA- ♀ (37 bytes) () 03/22/2012 postreply 15:51:18

• Nope. -美西遊子- ♀ (0 bytes) () 03/22/2012 postreply 17:29:10

• 有沒有想過別做抵稅了？能抵稅的收入水平，其稅率可能比退休後的還要低。 -易木- ♂ (81 bytes) () 03/22/2012 postreply 16:04:55

• 對年輕人來講，這的確是個問題。 別說抵稅， -美西遊子- ♀ (3094 bytes) () 03/22/2012 postreply 16:31:35

• 還有一個問題不大有人講。加拿大對有額外收入的老人的老年金有“claw back"， -laota- ♀ (79 bytes) () 03/22/2012 postreply 17:36:29