Comments on: Are We Paying In? Or Getting a Refund? http://www.everybodylovesyourmoney.com/2008/02/20/are-we-paying-in-or-getting-a-refund.html Living for today - Planning for Tomorrow Wed, 17 Mar 2010 15:11:40 -0700 http://wordpress.org/?v=2.9.1 hourly 1 By: Rose http://www.everybodylovesyourmoney.com/2008/02/20/are-we-paying-in-or-getting-a-refund.html/comment-page-1#comment-131407 Rose Tue, 26 Feb 2008 19:48:31 +0000 http://www.everybodylovesyourmoney.com/2008/02/20/are-we-paying-in-or-getting-a-refund.html#comment-131407 An employer's checking off the "retirement plan" box just subjects you to the income limitations. So you just need to go to the instrux or website (irs) to figure out if you can deduct a given level of contribution or not. HTH. An employer’s checking off the “retirement plan” box just subjects you to the income limitations. So you just need to go to the instrux or website (irs) to figure out if you can deduct a given level of contribution or not.

HTH.

]]> By: djc http://www.everybodylovesyourmoney.com/2008/02/20/are-we-paying-in-or-getting-a-refund.html/comment-page-1#comment-130715 djc Thu, 21 Feb 2008 20:59:41 +0000 http://www.everybodylovesyourmoney.com/2008/02/20/are-we-paying-in-or-getting-a-refund.html#comment-130715 We did the same thing for my boyfriend because he had had two jobs for a while last year and hadn't adjusted his withholdings - he would have owed quite a bit in taxes and penalties. We opened an IRA with Vanguard, and designated the funds as being a contribution for 2007, so now he gets a small refund for Federal and only owes a couple hundred on the State return. We did the same thing for my boyfriend because he had had two jobs for a while last year and hadn’t adjusted his withholdings – he would have owed quite a bit in taxes and penalties. We opened an IRA with Vanguard, and designated the funds as being a contribution for 2007, so now he gets a small refund for Federal and only owes a couple hundred on the State return.

]]> By: Penko http://www.everybodylovesyourmoney.com/2008/02/20/are-we-paying-in-or-getting-a-refund.html/comment-page-1#comment-130599 Penko Wed, 20 Feb 2008 23:24:21 +0000 http://www.everybodylovesyourmoney.com/2008/02/20/are-we-paying-in-or-getting-a-refund.html#comment-130599 You can just open a traditional IRA with Sharebuilder and contribute before April 15. They'll even give you 7 free trades as bonus:) You can just open a traditional IRA with Sharebuilder and contribute before April 15. They’ll even give you 7 free trades as bonus:)

]]> By: Kaye http://www.everybodylovesyourmoney.com/2008/02/20/are-we-paying-in-or-getting-a-refund.html/comment-page-1#comment-130587 Kaye Wed, 20 Feb 2008 21:36:44 +0000 http://www.everybodylovesyourmoney.com/2008/02/20/are-we-paying-in-or-getting-a-refund.html#comment-130587 I don't know how it actually works, but our financial advisor that monitors our IRAs sent us a letter reminding us of how much we could still contribute to our IRAs for last year, so I know it does work. Good luck! I don’t know how it actually works, but our financial advisor that monitors our IRAs sent us a letter reminding us of how much we could still contribute to our IRAs for last year, so I know it does work. Good luck!

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