Читать книгу Mutual Funds For Dummies - Eric Tyson - Страница 72

Anyone with employment (or alimony) income can contribute to Individual Retirement Accounts (IRAs). You may contribute up to $6,000 each year ($7,000 if you’re age 50 and older) or the amount of your employment or alimony income if it’s less than these amounts in a year. If you’re a nonworking spouse, you may be eligible to contribute into a spousal IRA.

Your contributions to an IRA may be tax-deductible. For the tax year 2022, check out these eligibilities:

 If you’re single and your adjusted gross income (AGI) is $78,000 or less for the year, you can deduct your IRA contribution.

 If you’re married and file your taxes jointly, you’re entitled to a full IRA deduction if your AGI is $129,000 per year or less.

If you make more than these amounts, you can still take a full IRA deduction if you aren’t an active participant in any retirement plan. To know for certain whether you’re an active participant, look at the W-2 form that your employer sends you early in the year to file with your tax returns. Little boxes indicate whether you’re an active participant in a pension or deferred-compensation plan. If either box is checked, you’re an active participant.

If you’re single taxpayer with an AGI above $68,000 but below $78,000, or part of a couple with an AGI above $109,000 but below $129,000, you’re eligible for a partial IRA deduction, even if you’re an active participant. The size of the IRA deduction you may claim depends on where you fall in the income range. For example, a single-income earner at $73,000 is entitled to half of the full IRA deduction (assuming they are under age 50) because their income falls halfway between $68,000 and $78,000. (Note: These thresholds are for tax year 2022. They’ll increase in the tax years ahead.)

If you yourself are not an active participant in a retirement plan but your spouse is an active participant, then you may take a full IRA deduction if your AGI is $204,000 or less. A partial deduction is allowed in this case if your AGI is between $204,000 to $214,000.

If you can’t deduct your contribution to a standard IRA account, consider making a nondeductible contribution to a type of IRA account called the Roth IRA. Single taxpayers with an AGI of $129,000 or less and joint filers with an AGI of $204,000 or less can contribute up to $6,000 per year to a Roth IRA ($7,000 for those individuals age 50 and older). Although the contribution isn’t deductible, earnings inside the account are shielded from taxes, and unlike a standard IRA, qualified withdrawals from the account, including investment earnings, are free from income tax.

To make a qualified withdrawal from a Roth IRA, you must be at least 59½ and have held the account for at least five years. An exception to the age rule is made for first-time homebuyers, who are allowed to withdraw up to $10,000 toward the down payment on a principal residence.