s***e
发帖数: 5242 | 1 in Full Deduction there are 3 cases:
the first one:
Neither you nor your spouse is covered by an employer-sponsored retirement
plan.
Totally makes sense.
the second one:
You are covered by an employer-sponsored retirement plan and your MAGI is $
96,000 or less.
Does "your MAGI" here includes my LD's MAGI?
First thought is yes, but the third one says:
You are not covered by an employer-sponsored retirement plan but your spouse
is, and your MAGI is $181,000 or less.
if "your MAGI" is my family MAGI, then it does not have to specify who are
covered by an employer-sponsored retirement plan AND the MAGI limit for the
second and third case will be the same. | f*******n
发帖数: 12623 | 2
The MAGI is calculated from the lines on the tax return. There is only one
MAGI per tax return. If you and your spouse file jointly, then you will have
the same MAGI, from your shared tax return. If you and your spouse file
separately, each of you will have a separate MAGI, but the income limit is
much lower for that filing status.
spouse
the
No. IRA is individual (I = individual). Each person's IRA and IRA
contributions are separate. And each person's IRA deductibility is
calculated separately. "You" = the person whose made the IRA contribution.
It is specified who is covered ("your spouse").
For example, if you are covered by an employer retirement plan and your
spouse isn't, then for your IRA contributions, the deduction income limit
would be from the "covered by employer plan" section, but for your spouse's
IRA contributions, the deduction income limit would be from the "not covered
but spouse covered" section. So it could be that you cannot deduct
contributions but your spouse can.
【在 s***e 的大作中提到】
: in Full Deduction there are 3 cases:
: the first one:
: Neither you nor your spouse is covered by an employer-sponsored retirement
: plan.
: Totally makes sense.
: the second one:
: You are covered by an employer-sponsored retirement plan and your MAGI is $
: 96,000 or less.
: Does "your MAGI" here includes my LD's MAGI?
: First thought is yes, but the third one says:
| s***e
发帖数: 5242 | 3 Thank you fakeshawn.
We are filing jointly so we dont have a separate MAGI.
Suppose I am covered but my spouse not covered by an employer-sponsored
retirement plan, and our MAGI is $140000.
According to the second case, it's not Full Deduction.
But from my spouse's point of view, it is Full Deduction.
have
【在 f*******n 的大作中提到】
:
: The MAGI is calculated from the lines on the tax return. There is only one
: MAGI per tax return. If you and your spouse file jointly, then you will have
: the same MAGI, from your shared tax return. If you and your spouse file
: separately, each of you will have a separate MAGI, but the income limit is
: much lower for that filing status.
: spouse
: the
: No. IRA is individual (I = individual). Each person's IRA and IRA
: contributions are separate. And each person's IRA deductibility is
| s***e
发帖数: 5242 | 4 the following are different
http://www.irs.gov/Retirement-Plans/Plan-Participant,-Employee/
https://www.wellsfargoadvisors.com/financial-services/investment-products/
iras/traditional-ira.htm#tax-deductibility
【在 s***e 的大作中提到】
: in Full Deduction there are 3 cases:
: the first one:
: Neither you nor your spouse is covered by an employer-sponsored retirement
: plan.
: Totally makes sense.
: the second one:
: You are covered by an employer-sponsored retirement plan and your MAGI is $
: 96,000 or less.
: Does "your MAGI" here includes my LD's MAGI?
: First thought is yes, but the third one says:
| f*******n
发帖数: 12623 | 5 Yes, so in that case your contributions cannot be deducted, but your spouse'
s contributions can be deducted.
【在 s***e 的大作中提到】
: Thank you fakeshawn.
: We are filing jointly so we dont have a separate MAGI.
: Suppose I am covered but my spouse not covered by an employer-sponsored
: retirement plan, and our MAGI is $140000.
: According to the second case, it's not Full Deduction.
: But from my spouse's point of view, it is Full Deduction.
:
: have
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