However, as long as Carol was under age 70V2 by the end of 2018, she can make a full
nondeductible contribution to a traditional IRA.
Dunn argued that his 2008
nondeductible contribution was an excess contribution eligible to be carried forward to 2009 and deducted on the 2009 return (when he was no longer an active participant in an employer retirement plan).
* An economic stimulus payment or tax refund that was directly deposited into a traditional IRA as a
nondeductible contribution.
A Coverdell Education Savings Account, with a
nondeductible contribution limit of $2,000 a year, also helps you save for college, with earnings growing tax free.
First, Cheryl would make a $5,000
nondeductible contribution to her traditional IRA.
1, 1998, an individual who meets the income limitations can make an annual
nondeductible contribution to a Roth IRA up to the excess of the lesser of $5,000 currently or 100 percent of the individual's earned income, minus the aggregate amount of contributions for the tax year to all other individual retirement plans (other than Roth IRAs or employer contributions to Simplified Employee Pension and Simple IRAs) maintained for the benefit of that individual.
Thus, a volunteer's charity work is a
nondeductible contribution of personal services (Taylor, T.C.
Those not eligible can still make a
nondeductible contribution in 2009.
For 2012, he makes a $6,000
nondeductible contribution to his first traditional IRA.