Actions

  Print Article
  BookMark Article

Categories    Category List

Arts & Humanities
  Books & Authors
  Dancing
  Genealogy
  History
  Performing Arts
  Philosophy
  Poetry
  Theater & Acting
  Visual Arts
Beauty & Style
  Fashion & Accessories
  Hair
  Makeup
  Skin & Body
Business & Finance
  Advertising & Marketing
  Careers & Employment
  Corporations
  Credit
  Insurance
  Investing
  Personal Finance
  Renting & Real Estate
  Small Business
  Taxes
Cars & Transportation
  Aircraft
  Boats & Boating
  Car
  Insurance & Registration
  Maintenance & Repairs
  Motorcycles
  Rail
Computers & Internet
  Computer Networking
  Hardware
  Internet
  Programming & Design
  Security
  Software
Consumer Electronics
  Camcorders
  Cameras
  Cell Phones & Plans
  Games & Gear
  Home Theater
  Music & Music Players
  PDAs & Handhelds
  TVs
Dining Out
Education & Reference
  Financial Aid
  Higher Education
  Preschool
  Primary & Secondary Education
  Special Education
  Studying Abroad
  Teaching
Entertainment & Music
  Celebrities
  Comics & Animation
  Horoscopes
  Jokes & Riddles
  Magazines
  Movies
  Music
  Polls & Surveys
  Radio
  Television
Environment
  Alternative Fuel Vehicles
  Conservation
  Global Warming
  Green Living
Family & Relationships
  Family
  Friends
  Marriage & Divorce
  Singles & Dating
  Weddings
Food & Drink
  Beer, Wine & Spirits
  Cooking & Recipes
  Ethnic Cuisine
  Vegetarian & Vegan
Games & Recreation
  Amusement Parks
  Board Games
  Card Games
  Gambling
  Hobbies & Crafts
  Toys
  Video & Online Games
Health
  Alternative Medicine
  Dental
  Diet & Fitness
  Diseases & Conditions
  General Health Care
  Men's Health
  Mental Health
  Optical
  Women's Health
Home & Garden
  Cleaning & Laundry
  Decorating & Remodeling
  Do It Yourself (DIY)
  Garden & Landscape
  Maintenance & Repairs
Local Businesses
News & Events
  Current Events
  Media & Journalism
Pets
Politics & Government
  Civic Participation
  Elections
  Embassies & Consulates
  Government
  Immigration
  International Organizations
  Law & Ethics
  Military
  Politics
Pregnancy & Parenting
  Adolescent
  Adoption
  Baby Names
  Newborn & Baby
  Parenting
  Pregnancy
  Toddler & Preschooler
  Trying to Conceive
Science & Mathematics
  Agriculture
  Astronomy & Space
  Biology
  Botany
  Chemistry
  Earth Sciences & Geology
  Engineering
  Geography
  Mathematics
  Medicine
  Physics
  Weather
  Zoology
Social Science
  Anthropology
  Dream Interpretation
  Economics
  Gender Studies
  Psychology
  Sociology
Society & Culture
  Community Service
  Cultures & Groups
  Etiquette
  Holidays
  Languages
  Mythology & Folklore
  Religion & Spirituality
  Royalty
Sports
Travel

Online Now    Online Now

Author Login    Author Login

Welcome Guest! Please login or create an account.

Username:

Password:



Navigation    Navigation

ADS    Featured Author

ad

ADSDisclosure

Can deduct an IRA contribution if i switched jobs in March + now don t have a 401k, but my wife does

Author :

Submitted : 2018-06-15 06:43:02    Popularity:     

Tags: switched  jobs  contribution  deduct  IRA  

Update: The job I left had 401k from Jan-Feb., but my current one doesn't kick in until 2019.

Answers:

your contribution to an IRA depends on your employment
as for the 401(K) you had with the other company you need to roll that over to an IRA as quickly as you can
you will be wiser to file jointly unless there demanding situations that separately is better, which I do not see here

Why are you filing separately? It's probably costing you money in the long run. Are you talking changing jobs in March 2017 or 2018? The income limit is extremely low on MFS returns if you lived with your spouse all year. See the instructions and worksheet for Form 8606.

1) the way you write this question makes it seem that your 401k is no longer...........did you cash it out ?? if not, then you need to contact the financial institution that has your 401k account ( and it's not your former employer !! )

2) you do know that filing separately will be more costly, right ?? if you are doing your own filing, especially using an efile program from one of the companies on the IRS site, then you can input all your data in the program ( as filing sep. ), and go to the end, but don't send in the return, then do the same thing as married jointly, and you will see a difference in the #'s

See IRS pub 590-A.

The fact that you changed jobs doesn't change the fact that the "covered by retirement plan" box will be checked yes.

Thus for MFS and "covered", your IRA contribution is only allowed if your income is below $10,000 and even then, it's not the full amount..

Update: You are NOT required to roll your 401k over to an IRA. If you are 55 to 59, don't. If you need the money before you turn 59.5 years, why become subject to the 10% penalty again?



Good
Back Homepage
Back


Article Source:
www.Aphotolog.Com

Answer Questions