From: owner-persfin-digest@lists.xmission.com (persfin-digest) To: persfin-digest@lists.xmission.com Subject: persfin-digest V5 #131 Reply-To: persfin Sender: owner-persfin-digest@lists.xmission.com Errors-To: owner-persfin-digest@lists.xmission.com Precedence: bulk Content-Transfer-Encoding: quoted-printable X-No-Archive: yes persfin-digest Saturday, March 11 2000 Volume 05 : Number 131 In this issue of the Personal Finance Digest: Re: Can IRA contribution be deductible even with SEP-IRA or 401K? Re: Can IRA contribution be deductible even with SEP-IRA or 401K? I want to use my credit card The messages posted to the Persfin-Digest are opinions and are not intended to substitute for qualified professional advice. Subscribers should seek the services of qualified professionals for such advice. The publisher, Internet provider, and Digest contributors cannot be held responsible for any loss incurred as a result of the application of any of the information provided here. 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Subscribe: e-mail majordomo@xmission.com, text: subscribe persfin-digest Unsubscribe: e-mail majordomo@xmission.com, text: unsubscribe persfin-digest ---------------------------------------------------------------------- Date: Thu, 09 Mar 2000 08:58:19 -0700 From: Jeff Salisbury Subject: Re: Can IRA contribution be deductible even with SEP-IRA or 401K? juanb@vnet.ibm.com wrote: > > I was under the assumption that if you were covered at work by a > deferred compensation plan like a 401K or SEP-IRA, that you couldn't > make a deductible contribution to an IRA. However, when doing my > parents taxes with Kiplinger's Taxcut, it gave my mother the > deduction even though she has a SEP-IRA plan at work. Is there some > earnings check done as well to determine if it can be deductible? > Been trying to access the IRS site, but having no luck at work getting > out of the firewall :( > > Thanks, > Juan > > - Juan, If you do not participate in an employer sponsored retirment plan, you are eligible to contribute to IRAs regardless of your income. If you do participate in a employer sponsored plan, your eligibility is phased out based on your income: Traditional IRAs: Single: Phased out between $31K and $41K Married Filing Jointly: Phased out between $51K and $61K Roth IRAs: Single: Phased out between $95K and $110K Married Filing Jointly: Phased out between $150K and $160K Jeff - - ------------------------------ Date: Thu, 9 Mar 2000 14:07:10 -0500 From: Rich Carreiro Subject: Re: Can IRA contribution be deductible even with SEP-IRA or 401K? >I was under the assumption that if you were covered at work by a >deferred compensation plan like a 401K or SEP-IRA, that you couldn't >make a deductible contribution to an IRA. That is a common, though incorrect, assumption. If you are covered by a retirement plan at work you become subject to a gross income test on whether or not a traditional IRA contribution will be deductible. Depending on your gross income, some, all, or none of your trad IRA contribution may be deductible. See Publication 590 or the Form 1040 instructions for more details on the calculation. Rich Carreiro rlcarr@animato.arlington.ma.us - - ------------------------------ Date: Sat, 11 Mar 2000 07:14:43 +0000 From: "alkon" Subject: I want to use my credit card My wife recently got a job for which she does a great deal of traveling. Part of the benefit, of course, is that she gets to accumulate frequent traveler miles. To coordinated with this she also signed on to a credit card that provides miles for each dollar spent. My dilemma is that I am in the process of having a central air conditioning system put in my house by a local contractor and I would like to pay for the $5,000 bill by cc. However, he does not take credit cards. Is there a way of paying him using my credit card?? Thanks, Al Kondo - - ------------------------------ End of persfin-digest V5 #131 ***************************** - To unsubscribe to persfin-digest, send an email to "majordomo@xmission.com" with "unsubscribe persfin-digest" in the body of the message. For information on digests or retrieving files and old messages send "help" to the same address. Do not use quotes in your message.