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Author Topic: IRA and taxes  (Read 737 times)

Offline videoholic

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IRA and taxes
« 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.
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Offline CHIZZY

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IRA and taxes
« Reply #1 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:
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Offline videoholic

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IRA and taxes
« Reply #2 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.
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I wear a necklace now because I like to know when I\'m upside down.
 kopking: \"i really think that i how that guy os on he weekend\"
TheOmen speaking of women: \"they\'re good at what they do, for what they are.\"
Swifdi:
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