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From: gjs@mtgzy.UUCP (g.j.shevchuk)
Newsgroups: net.taxes
Subject: Re: 401(k) Advice Anyone?
Message-ID: <1978@mtgzy.UUCP>
Date: Wed, 10-Sep-86 13:31:09 EDT
Article-I.D.: mtgzy.1978
Posted: Wed Sep 10 13:31:09 1986
Date-Received: Thu, 11-Sep-86 07:31:02 EDT
References: <77@mtxinu.UUCP>, <972@druhi.UUCP>
Organization: AT&T Information Systems Labs, Middletown NJ
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I'd like to clear up a few points regarding the new rules for IRAs.
Anyone can still have an IRA, where the interest/dividend income is
tax-deferred.  The deductability of the contributions to the IRA,
however, are allowed for any who do not have a company pension plan,
as well as for singles earning under $25K (even with a pension plan)
or couples earning under $40K.  The allowable deductible contribution
then decreases to zero linearly over the next $10K of income; i. e.,
singles hit zero at $35K, couples at $50K.