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Old 03-01-2018, 12:05 AM
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Join Date: Feb 2018
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IRA question

I and my spouse (less than age 50) participate in employer-provided 401K plan respectively; our W2 also has a check mark on 13 under 401k ret. plan. Our combined 401k contribution is near to $12,000 and gross income is less than < $186,000 for the year 2017. I want to check in my case if I still contribute towards Roth IRA for the year 2017 towards tax deduction, if so how much I can contribute?

I would appreciate our help in this clarification.
Kind regards
Nash H.



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Old 03-01-2018, 02:21 AM
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The 2017 contribution limit for a 401(k) is $18K; Then you can also deposit up to $5.5K in a Roth or traditional IRA for 2017. That?s the combined limit for both types of IRAs, by the way. You can?t put, say, $5.5K each into an IRA and a Roth IRA. If your modified adjusted gross income is $186K or less in 2017 (married filing jointly), you can contribute up to the full amount in a Roth. As your income rises above $186k, your ability to contribute phases out.i guess you need some help from your retirement Admin for accurate amount of contribution limit for your R-IRA



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Old 03-01-2018, 12:15 PM
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Amended Forms

Hello,

I am gradually learning how to properly do my taxes, but i am amending my return for the second and last time, to get an entire child care credit for 1,000 instead of a partial like i initially got. When i fill out the second amended form, and it asks to enter my overpayment, i know i add how much i received originally and the currently adjusted amount, but what if they paid me interest, do i have to include that in my overpayment amount?



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Old 03-01-2018, 10:40 PM
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Quote:
Originally Posted by kassaamelina View Post
Hello,

, but what if they paid me interest, do i have to include that in my overpayment amount?
the interest income will be reported on Sch B of 1040 unless it is explicitly exempt under the U.S. tax code.



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