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Traditional IRA What is the limit for one's income in order to still be eligible to deposit in a traditional IRA? If I make $140,000 a year, am I disqualified from opening up a traditional IRA for the 2010 tax year?

By: Guest
Date: Unknown--
Response
0
It depends on if you are eligible

to participate in a 401(k) or other retirement plan at work. If you are not covered then there is no income limit. If you are covered then a deductible IRA begins to phase out at $56k and is completely gone at $66k (for single).

[d] By: Guest
Date: unknown---
Response
0
Trad IRA

Your income of 140K does not limit your contribution to a traditional IRA; it may, however, limit or phase out the deductibility of that contribution, so you may not get a tax break for contributing.

[d] By: Guest
Date: unknown---
Response
0
there is no income limit

If you make make more than $66K it is not tax-deductable.

[d] By: Guest
Date: unknown---
Response
What is 1 + 100



Helpfulbox Now Offers Free POS Software

for restaurants, kiosk, and any other retails business completely free. It can be used as windows cashier system or as full blown POS. You will able to print to kitchen, display orders on the kitchen screen, manage inventory, employee, report, customer loyalty offers, employee management, delivery address track and much more, all for free.

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