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Non Gaming Discussions => Off-Topic => Topic started by: videoholic on February 03, 2003, 02:06:15 PM

Title: IRA and taxes
Post by: videoholic on February 03, 2003, 02:06:15 PM

some of you old farts can help me out here.  When you buy an IRA, does it immediately pull off of your income or is it just go into the amount that you can write off?

I don\'t have enough to get over the standard deduction, but I\'d like to max out the IRA option if it will help me reduce taxes.  

I figure if I buy 4 grand worth of IRAs I can get back about 800 bucks in taxes if the IRA simply reduces your income.

BTW, in 03 the max per person is going up from 2 grand to 3 grand.

Title: IRA and taxes
Post by: CHIZZY on February 03, 2003, 03:26:29 PM

sorry, bro... I can\'t help you. If you can wait until tomorrow, I\'ll ask my company accountant... he\'s real cool about handing out free advice. All I have is a 401k, so I don\'t even have to pay attention. I can still file a 1040 EZ...  :laughing:

Title: IRA and taxes
Post by: videoholic on February 03, 2003, 04:07:01 PM

401k allows you to deduct from your income. I use to do that, but my company now suxors on the benefits.

I\'m not doing this for a couple of weeks.  I think it just comes off the income.  And that is somethign I want to do.