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Can you make a traditional IRA contribution if you have also made the maximum contribution to your simple and your income is below the phase outs?
Wiki User
∙ 14y ago
Depend on how the contributiom are coded in the simple...if they as coded as simple contribution then you can. However, if they are coded as regular contribution then you have used up your contribution limit for the traditional.
Wiki User
∙ 14y ago
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Can you contribute to a simple IRA and a traditional IRA in the same tax year?
Yes you may, and neither the Simple nor the Traditional IRA is affected by contributions to the other. The maximum amount for the Simple IRA for 2010 is $11,500 plus a $2,500 catch-up for folks 50 years old and older. The Traditional/Roth IRA maximum contribution amount for 2010 is $5,000 plus a $1,000 catch-up amount for folks 50 and older.
What is a contribution approad income statement?
1. Contribution approach income statement is different from simple income statement in this sense that in contribution margin approach variable costs are deducted from revenues to find out how much any sale of unit of product is contributing towards recovery of fixed cost of product.
Can you have both a Simple Ira and Roth Ira?
Yes, the limitation does not apply between a SIMPLE IRA and a Roth/Traditional. However, because a SIMPLE IRA is a "qualified retirement plan" offered by your employer, you may not be able to get a traditional IRA deduction- all depends on your income situation.
What is Maximum contribution to an IRA for married couple?
In 2010 (unless congress changes the law), the maximum per spouse is $5000 if under age 50 at year end and $6000 if 50 or older at year end. HOWEVER, there are quite a few additional variables. For instance, if either spouse participates in an employer-sponsored plan during the year, then there are income restrictions on how much of that is deductible - if you make over a certain amount, you don't get to deduct some or all of the contribution. That's for a Traditional IRA. For a Roth IRA you don't deduct the contribution in any case, and it has higher income restrictions and contribution to an employer sponsored plan is irrelevant. Whether you file separately or jointly also impacts how much you can deduct. Also, you can only contribute earned income, so if you made less than $10,000 as a couple, you cannot contribute the full $5000 each to an IRA (even on a non-deductible basis. The above list of variables is not comprehensive. Although I understand many of the rules, I don't feel qualified to try to put together such a list. I'd recommend contacting a financial planner, estate planner or accountant (depending on your exact situation) unless you have some other resource that you feel confident addresses your specific situation. For many couples, it is in fact as simple as you can each contribute $5000.
What is the definition of maximum in math?
The definition of a maximum in math is very simple. A maximum is a number that nothing can exceed in that situation.
What is maximum at mean position for particle performing simple harmonic motion?
Velocity is maximum at mean position for particle performing simple harmonic motion. Another feature that is maximum at this position is kinetic energy.
Does Your Business Have a Simple Business Plan?
One of the first steps in creating a business is to write a simple business plan, which is essential to most traditional business financing and will give you tangible goals to reach for in your early stages, such as market growth, income levels and profit margin estimates.
Why they learn calculus?
To solve certain problems that can't be solved with simple algebra. To give just one simple example, find the maximum value of a certain function.To solve certain problems that can't be solved with simple algebra. To give just one simple example, find the maximum value of a certain function.To solve certain problems that can't be solved with simple algebra. To give just one simple example, find the maximum value of a certain function.To solve certain problems that can't be solved with simple algebra. To give just one simple example, find the maximum value of a certain function.
In simple harmonic motion the magnitude of the acceleration is greatest when the?
displacement is maximum
How could you double the maximum speed of a simple harmonic oscillator?
by doubling the amplitude.
How to measure Maximum and minimum temperature at a place?
its a simple answer........................................................................... thermometer se. hahahahahahahahahah
When a body moves in a simple harmonic motion its acceleration at the ends of its path is?
maximum
