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Not the sharpest tool in the shed! BUT, Why, is this?
Old 02-01-2007, 05:01 PM   #1
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Not the sharpest tool in the shed! BUT, Why, is this?

I have my panties all in a wad because, I don't understand why, the IRS instructions
have to be so confusing and downright complicated!

There's a 12 step worksheet to complete, called the IRA Deduction Worksheet--Line 32. By the time one muddles thru that mess, one doesn't know, If they're flying upside down or sideways.

My Question: (Actually, the question is from a guy I know, who's not as smart as I am.)

The "Guy," is retired. Wife works and contributes to her 403b plan at her work. Their combined income, including "His" SSA, small pension and CD/bank interest, totals less than $150,000. Wife, is the only income provider. (She, gets a W-2.)

Here's the question:-- Can the husband, add to his established IRA, the maximum of $5,000 deductible, by virtue of being over 50 years of age?

The more I read, from the instructions, the examples, the various publications and worksheets, the more blown away I/(My friend, gets!)

I would appreciate the valued comments, from anyone choosing to participate!

Thanks!!
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Re: Not the sharpest tool in the shed! BUT, Why, is this?
Old 02-01-2007, 05:06 PM   #2
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Re: Not the sharpest tool in the shed! BUT, Why, is this?

if he's less than 70.5, he should be able to do a "spousal" contribution.
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Re: Not the sharpest tool in the shed! BUT, Why, is this?
Old 02-01-2007, 07:02 PM   #3
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Re: Not the sharpest tool in the shed! BUT, Why, is this?

Thanks, D.
That's what I think too! I appreciate your answer.
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Re: Not the sharpest tool in the shed! BUT, Why, is this?
Old 02-01-2007, 10:52 PM   #4
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Re: Not the sharpest tool in the shed! BUT, Why, is this?

I am sorry, ---I brought up the question.
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Re: Not the sharpest tool in the shed! BUT, Why, is this?
Old 02-01-2007, 11:40 PM   #5
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Re: Not the sharpest tool in the shed! BUT, Why, is this?

Quote:
Originally Posted by Sundance Kid
I would appreciate the valued comments ...Thanks!!
Turbotax.

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Re: Not the sharpest tool in the shed! BUT, Why, is this?
Old 02-02-2007, 12:18 AM   #6
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Re: Not the sharpest tool in the shed! BUT, Why, is this?

Does anyone remember when the instructions on the tax form wanted us to estimate our losses due to fire and theft for the coming year?
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Re: Not the sharpest tool in the shed! BUT, Why, is this?
Old 02-02-2007, 07:18 AM   #7
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Re: Not the sharpest tool in the shed! BUT, Why, is this?

Noooooooooooooo! Not to my knowledge in the last 25 or so years.
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