IRA deduction - Tax planning

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mrgeeze
Posts: 192
Joined: Wed Nov 04, 2015 11:09 am

IRA deduction - Tax planning

Post by mrgeeze » Fri Dec 07, 2018 10:33 am

Doing some eoy tax planning for 2018
married, both of us are 60
Retired
Life primarily on investments income
About 7k net from a small business my wife owns.

We could use any and all need deductions to stave off the ACA Cliff.
Plan on funding HSA to about $6400.

Wondering how much can I take for IRA retirement based on my paltry income?


Thanks,

megabad
Posts: 828
Joined: Fri Jun 01, 2018 4:00 pm

Re: IRA deduction - Tax planning

Post by megabad » Fri Dec 07, 2018 11:11 am

mrgeeze wrote:
Fri Dec 07, 2018 10:33 am
Doing some eoy tax planning for 2018
married, both of us are 60
Retired
Life primarily on investments income
About 7k net from a small business my wife owns.

We could use any and all need deductions to stave off the ACA Cliff.
Plan on funding HSA to about $6400.

Wondering how much can I take for IRA retirement based on my paltry income?


Thanks,
I'm sorry, can you clarify your question? Are you asking how much you can contribute to an IRA or how much you can withdraw?

mrgeeze
Posts: 192
Joined: Wed Nov 04, 2015 11:09 am

Re: IRA deduction - Tax planning

Post by mrgeeze » Fri Dec 07, 2018 11:13 am

Contribute.

I would like to use the IRA contribution to reduce my MAGI for 2018.

Just not sure what the max is if I have no w-2 income and only a small amount of business net income.

kaneohe
Posts: 5145
Joined: Mon Sep 22, 2008 12:38 pm

Re: IRA deduction - Tax planning

Post by kaneohe » Fri Dec 07, 2018 1:17 pm

You and spouse combined can contribute your wife's net self-employment to your own IRAs.....so split the 7K however you wish but
don't exceed per person limit.

retire2022
Posts: 108
Joined: Tue Oct 02, 2018 6:10 pm
Location: NYC

Re: IRA deduction - Tax planning

Post by retire2022 » Fri Dec 07, 2018 7:28 pm

mrgeeze wrote:
Fri Dec 07, 2018 11:13 am
Contribute.

I would like to use the IRA contribution to reduce my MAGI for 2018.

Just not sure what the max is if I have no w-2 income and only a small amount of business net income.
Mrgeeze

IRS link check it out

https://www.irs.gov/retirement-plans/pl ... an-at-work

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