is ROTH IRA contribution deductible?
138363
NO. According to the IRS web site:\nRoth IRA contributions are not tax deductible and are not reported on your tax return. On the other hand, you do not include in your gross income, and therefore are not taxed on, any qualified distributions or distributions that are a return of your regular Roth IRA contributions or that are rolled over into another Roth IRA.
28154
I am not sure how the state laws of NY or NJ address the protection of IRA assets, but the new bankruptcy law enacted last year does provide ceratin protections on a national basis. the following excerpt is from "http://www.retirement-retirement.com/story-486.php"\n\n[Especially important to participants in employer-based retirement plans is that the bankruptcy act says that all assets rolled over from these plans into an IRA, and all subsequent earnings made inside the account attributable to the rollover, are protected from creditors, regardless of the amount of the rollover. That should remove much of the reluctance among investors to move most retirement plan assets into IRAs if they decide that's the best financial strategy. \nWhile IRAs have unlimited protection for certain rollover amounts, such is not the case for original (non-rollover) contributions by the owner to traditional and Roth IRAs. The bankruptcy act put a price tag on the "reasonably necessary" amount that might be protected in these IRAs ­ $1 million. That is, if the aggregated value of your original contributions and their earnings to traditional and Roth IRAs exceeds $1 million, the amount above $1 million (excluding any protected rollover amounts) could be vulnerable to creditors. That $1 million amount is indexed annually to inflation. \nMost investors building an IRA from scratch won't exceed the $1 million limit, since annual contribution limits to traditional and Roth IRAs have been relatively low for the past two decades. And the bankruptcy act allows bankruptcy courts to permit the IRA owner to keep more than $1 million if it is in the "interest of justice" (though the act did not spell out what constitutes an interest in justice). \n]
84579
Standard form 1040, and yes...loss of sale of any asset is deductable.
148574
Have you already contributed to a retirement plan?  Contributions to a traditional IRA can reduce your taxable income.  The catch-22; once depositing it into an IRA, it will need to remain as retirement funds until retirement or you may pay big penalties to take distributions of the funds.
756433
If you are a US citizen, it's the same rate whether you are retired or not, and the rate depends on what type of income, how much, and what your deductions are (not a simple equation).  The exception is for income received from an exempt source, such as a Roth IRA (which has already been taxed) or from exempt income, such as interest from US Treasury securities.  See your accountant or financial planner for specific details.
274365
A Roth IRA is an investment of after-tax money.  The current contribution limit is 4K a year.  You may withdrawl the money you have contributed at any time, for any reason without taxes or penalty.  \n\nAfter 5 years you may also withdraw the earnings for qualified expenses such as a first home purchase or educational expenses without penalty.  There are no age limits on your ability to make contributions to a ROTH IRA.  \n\nThe big advantage for younger investors of the ROTH IRA is that young people often have lower incomes and tax rates, so they will come out far ahead putting in money that they only had to pay low taxes on.
1100134
Nope.  Not allowed.\n\nThat limit is per year, each year.  No retroactive contributions.
816976
Your downpayment is not deductible, however, any mortgage interest, discount points, and property taxes that you paid at closing are.deductions you may take on yor Schedule A thereby reducing your taxable income.
100055
Yes you can. Check out Equity Trust Company on the web. The ability to shield capital gains from taxes by using your IRA is an incredibly powerful tool.\n\nwww.trustetc.com
943005
Contribution to a Roth IRA -- Definitely deductible \n\nCosts involved in maintaining an office in the home by a self-employed insurance adjuster. Taxpayer’s wife also uses the office as a meeting place for her bridge club. -- Home office / equipment are deductible. However, you are asked to determine what percent of time the space/ computer/ equipment is used for work and the deduction is calculated at that percentage.\n \nCost of moving to first job location. Taxpayer just graduated from college. -- Not positive but I would think not since it is not a true relocation, however could be mistaken on this one. The forms themselves just ask if you have any expenses related to a move for employment reasons and I am not familiar with the specifics.\n \nJob hunting expenses of a fishing guide to become an insurance salesman. -- Again not familiar with the specifics, but the tax filing form itself just asks about job hunt activities and I am not aware of any requirement for a certain type of job based on qualifications.
314625
In short:  Taxes.\n\n\nIn long:\n--  Roth doesn't force you to take money out at 70.5.  (Traditional does).  You can only put money in to a traditional up to age 70.  (Roth has no age cap)\n-- Roth has a $110,000 income ceiling for single filers, $160,000 for joint filers.  Traditional has no ceiling.\n-- Contributions to a Roth IRA are not deductible.  Contributions to a traditional IRA are partially deductible, depneding on your situation.\n-- Earnings are tax deferred in a traditional IRA.  This means you pay taxes on earnings when you take the money out.  Earnings are tax FREE in a roth IRA (with two exceptions: account open less than 5 years, or withdrawing before your 59 if it's not to buy a home or support a disability.)\n-- Early withdrawal penalties on both types of IRAs are an additional 10% ordinary income tax on growth if you withdraw before you're 59.\n-- Both have $4000 annual contribution limits.  $4500 if you are over 50.  (This is now $5000 for over 50, for year 2006)\n\n-- General guidance is that you should start your Roth first, when you are employed and can afford the taxes.  No taxes on growth means that more of the growth goes back in to earn more.  The longer this money is growing the better.  If you can put in your limit and still have income left, start a traditional.\n-- There are several IRA calculators out there if you want to plug in your planned investment amounts and see how they'll grow over time.  Just google "roth vs traditional calculator"
794021
You can withdraw the Roth with no tax on any amount equal to, or less than, the original contribution amount. You can deduct the loss as unrecovered investment in an annuity (assuming that you have enough itemized deductions) under miscellaneous deductions on Schedule A. It will not be subject to The 2% limit. Please see a professional preparer. If they do not know about this way to deduct the loss, find one who does.
648252
There are a lot of rules on SEP IRA's. It's not common to REQUIRE employees to pay in  but if you don't, you will not be eligible for employer contributions (unless your employer is extremely extra-generous).  Their statement that a contribution by you is "required" may really mean it's a requirement to contribute IF you want the employer match; they may just have worded it strangely.  Usually if you do not contribute to your own IRA, the employer does not either.  In fact, I have never heard of an employer putting money in someone's IRA or 401(k) regardless of the variety if the employee does not make contributions (although I am sure it could happen).\n\nContributing to your SEP IRA is a really, really good thing and I'm not sure why you'd want to bypass that--- it lowers your taxable income (this is super important, especially if you are on a 1099 form) and your employer match is basically free money--- you don't have to do anything to get it except put away some of your own money for retirement.
320520
Absolutely though, you would need to check with a tax professional to determine whether the amounts deposited into your IRA are tax deferred or after-tax.  It all depends upon your income level.\n\nMax out your 401(k) contributions if at all possible. You're overall savings through the 401(k) far outweight the ultimate reduction in your "cash in hand" each pay check.
284469
You don't need to pay tax when you redraw from Roth IRA when retired. Traditional IRA only let you defer taxes.
687366
The part of the tax code that prevents you from deducting long term care insurance is the same part of the code that doesn't say you can deduct it.\n\nThe only things that are deductible are the things the tax code says are deductible. Since the code doesn't address a deduction for long term care insurance then it is not deductible.
280383
Only if they were in a Roth.  You don't pay state taxes on them.