Check out our brand new Local Poker Communities! Get updates and interact with poker players in your area.
Visit the United States Poker Community | Visit the California Poker Community | Read more about the Launch of P5s Local

tax question

Reply to Thread
  1. Basics Basics is offline

    Western Sahara

    Posts: 2,973
    Joined: Mar 09

    Jan 24th, 2012 (1/24/2012 12:31pm)

    On your W2 on line 13... if "retirement plan" is checked with an X are you eligible to file for IRA deductions or is that different from your regular work funded retirement plan?
  2. niptuck niptuck is online now

    United States

    Posts: 3,422
    Joined: Mar 05

    Jan 24th, 2012 (1/24/2012 1:30pm) in reply to Basics

    depends on income
  3. vernicle vernicle is offline

    United States

    Posts: 163
    Joined: Sep 08

    Jan 24th, 2012 (1/24/2012 1:49pm) in reply to niptuck

     
    Originally Posted by niptuck View Post

    depends on income

    ^This ^

    The link below gives a general explanation and has links to rules on IRS website as well if you want to get into it further. Just finished filing mine.

    http://taxes.about.com/od/deductions...tional_ira.htm
  4. ugain2004 ugain2004 is offline

    GA
    United States

    Posts: 474
    Joined: Mar 10

    Jan 24th, 2012 (1/24/2012 3:15pm) in reply to Basics

     
    Originally Posted by Basics View Post

    On your W2 on line 13... if "retirement plan" is checked with an X are you eligible to file for IRA deductions or is that different from your regular work funded retirement plan?

    If your taxable wages in box 1 are less than your social security wages in box 3, then your retirement contributions made thru payroll deductions is already deducted from your adjusted gross income. So you would not deduct anything for IRA contributions on the front of your 1040. If you are contributing seperately to an IRA, there are limitations based on income on how much you can contribute and deduct on the face of the 1040.
  5. Basics Basics is offline

    Western Sahara

    Posts: 2,973
    Joined: Mar 09

    Jan 24th, 2012 (1/24/2012 11:17pm) in reply to ugain2004

    ok, thanks
    Thread Starter
Reply to Thread