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Rules of deduction for 2006 for traditional IRAForum overview » 401k vs IRA vs Roth » Rules of deduction for 2006 for traditional IRA 
 
 byrnuc91
Posted 2007-01-26 17:54:32 I am 64 and officially retired from the work. Receiving pension. However this year I had a temporary job with my old employer on contract. They enroll me in 401K. I have less than $500 deduction from the payroll. Since I have more than $ 10,000 income from the work, Can I deduct in my traditional IRA $5000 and deduct from the taxes before April 15 of this year for this (2006) year? Pl. reply Thanks
brent
Posted 2007-01-30 16:47:00 Very good question 1. Can I deduct in my traditional IRA? Yes you can, if your married and have income under $75,000 or single with income under $50,000. 2. deduct from the taxes before April 15 of this year for this (2006) year? Yes you can deduct when you file your taxes anytime up tell April 16 this year.
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