Need Information On Traditional *i*r*a* .

[subbayya]

ee April 15th lopu IRA account open chesthe previous year (2012) kinda manam invest cheyyocha? Simply, Can we lower taxable income by investing in IRA for previous year(2012) by opening account by April 15th 2013?

[1HN_NH1]

[subbayya]

[quote name='Harsha_Bhogle' timestamp='1363750050' post='1303453556']

[/quote]


Got the solution....Thanks dude....


[b] What is the deadline for my IRA contributions?[/b]

[color=#000000][font=Arial, Helvetica, sans-serif][size=3]The final deadline for making prior year IRA contributions is typically April 15. For example, a contribution for tax year 2012 may be made up until April 15, 2013.[/size][/font][/color]

[CheGuevara]

[quote name='grandfather' timestamp='1363749918' post='1303453545']
ee April 15th lopu IRA account open chesthe previous year (2012) kinda manam invest cheyyocha? Simply, Can we lower taxable income by investing in IRA for previous year(2012) by opening account by April 15th 2013?
[/quote]


You can contribute any time before april 15 th 2013 for 2012 year......but how much you want to contribute and how much you want to deduct.

[subbayya]

[quote name='CheGuevara' timestamp='1363750712' post='1303453600']


You can contribute any time before april 15 th 2013 for 2012 year......but how much you want to contribute and how much you want to deduct.
[/quote]


Previous year 1099 meeda work chesa konni rojulu.... Tax reduce chesukundam ani max contribute chesi.......planning

[Spartan]

[quote name='grandfather' timestamp='1363751155' post='1303453641']


Previous year 1099 meeda work chesa konni rojulu.... Tax reduce chesukundam ani max contribute chesi.......planning
[/quote]


2012 limit is 16,500$

[subbayya]

[quote name='ChittiNaidu' timestamp='1363751247' post='1303453651']


2012 limit is 16,500$
[/quote]


Source...? Max $5,500 ani vundi....!!

[subbayya]

[quote name='ChittiNaidu' timestamp='1363751247' post='1303453651']


2012 limit is 16,500$
[/quote]

http://www.irs.gov/Retirement-Plans/Plan-Participant,-Employee/Retirement-Topics-IRA-Contribution-Limits


Max $5000 ani vundi..?

[Spartan]

[quote name='grandfather' timestamp='1363751401' post='1303453664']


Source...? Max $5,500 ani vundi....!!
[/quote]

5,500 is for 50yrs vallaki... and 5,500 is for 2013......2012 ki it is 5000

kinda inko option untadi chudu...or your taxable compensation ani...that limit is 16,500

http://www.irs.gov/Retirement-Plans/Plan-Participant,-Employee/Retirement-Topics-IRA-Contribution-Limits

[subbayya]

[quote name='ChittiNaidu' timestamp='1363751542' post='1303453671']

5,500 is for 50yrs vallaki... and 5,500 is for 2013......2012 ki it is 5000

kinda inko option untadi chudu...or your taxable compensation ani...that limit is 16,500

[url="http://www.irs.gov/Retirement-Plans/Plan-Participant,-Employee/Retirement-Topics-IRA-Contribution-Limits"]http://www.irs.gov/R...ribution-Limits[/url]
[/quote]


[color=#000000][font=sans-serif][size=3]"your taxable compensation for the year" enti dani meaning..?[/size][/font][/color]

[Spartan]

[quote name='grandfather' timestamp='1363751743' post='1303453681']


[color=#000000][font=sans-serif][size=3]"your taxable compensation for the year" enti dani meaning..?[/size][/font][/color]
[/quote]

[list=1]
[*]Danny, an unmarried college student working part-time, earns $3,500 in 2012. Danny can contribute $3,500, the amount of his compensation, to his IRA for 2012. Danny’s grandmother can make the contribution on his behalf.
[*]John, 42, has both a traditional IRA and a Roth IRA and can only contribute a total of $5,500 to either one or both in 2013.
[*]Sarah, age 52, is married with no taxable compensation for 2012. She and her husband reported taxable compensation of $60,000 on their 2012 joint return. Sarah may contribute $6,000 to her IRA for 2012 ($5,000 plus an additional $1,000 contribution for age 50 and over).
[/list]

[CheGuevara]

[quote name='ChittiNaidu' timestamp='1363751542' post='1303453671']

5,500 is for 50yrs vallaki... and 5,500 is for 2013......2012 ki it is 5000

kinda inko option untadi chudu...or your taxable compensation ani...that limit is 16,500

[url="http://www.irs.gov/Retirement-Plans/Plan-Participant,-Employee/Retirement-Topics-IRA-Contribution-Limits"]http://www.irs.gov/R...ribution-Limits[/url]
[/quote]


i think taxable income anedi consider chesedi only if your annaul taxable income is less than $3500........correct me if i am wrong

[Spartan]

[quote name='CheGuevara' timestamp='1363751909' post='1303453695']


i think taxable income anedi consider chesedi only if your annaul taxable income is less than $3500........correct me if i am wrong
[/quote]
yes akkada alane cheppadu..

kaani nenu vinnadi enti ante..the maximum limit u can contribute for 2012 under IRA is...$16,500 bucks ani..

they increade it this year by another 1000 bucks ...



so im confused about that Annual Taxable compensaiton stuff...need to find it out..

[CheGuevara]

[quote name='ChittiNaidu' timestamp='1363752025' post='1303453704']
yes akkada alane cheppadu..

kaani nenu vinnadi enti ante..the maximum limit u can contribute for 2012 under IRA is...$16,500 bucks ani..

they increade it this year by another 1000 bucks ...



so im confused about that Annual Taxable compensaiton stuff...need to find it out..
[/quote]


I think this $16500 limit anedi 401(k) plan ( which is also a different type of IRA) limit and you are getting confusd with that...

[Spartan]

[quote name='CheGuevara' timestamp='1363752235' post='1303453714']


I think this $16500 limit anedi 401(k) plan ( which is also a different type of IRA) limit and you are getting confusd with that...
[/quote]


yes...might be...

Traditional IRA first time vintunna aite...


coz nenu 401 k lo pettedi is almost 6K....daniki limit 16.5K anaru last yr...

good to know...