Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 12-28-2017, 05:58 PM
Junior Member
 
Join Date: Dec 2017
Posts: 1
This Contribution possible?

Is it possible to contribute the MAX amount to both a 401k and contribute the MAX to a Traditional IRA and jump down to a lower tax bracket?

Details: Setting up my parents for retirement. Father makes 107k, Mother no income. File Married Joint every year. Fall under 25% tax bracket for 2017, 22% bracket for 2018. If he contributes the Max amount to his 401k (24,500/2018 for 57 and older) and Opens up a Traditional IRA and Maxes it as well. The income subject to Taxes would be below 77k, jumping down to a 12% Bracket in 2018. Taxes go down and Retirement goes up. Playing Catch up. Keeping the same Lifestyle, give or take a couple hundred dollars a month.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Excess IRA Contribution sgs114 For 2013 1 03-03-2014 11:18 PM
Max IRA Contribution, 0? N00b IRA/Sep 3 03-02-2014 08:40 PM
Eligibile for IRA Contribution? samosa IRA/Sep 1 04-16-2013 01:50 AM
IRA Contribution problem skschlag IRA/Sep 1 04-21-2009 07:06 PM
Charitable Contribution? CP13 Itemized Deductions 1 03-08-2009 01:22 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.