quick tax question - deduction for ira contributions

[vshah]

Can I still make use of the 5000 IRA contribution deduction if i'm not itemizing? if so, is this on top of the standard deduction?

if I contribute 5k for myself and my wife, and have no other deductions, will my total deductions be: standard married/joint deduction + 5k + 5k?

thanks!
-Vivan

 

[EagleKeeper]

Yes - IF a Standard IRA w/ no 401K

Otherwise some adjustments have to be made.

 

[BrunoPuntzJones]

IRA deduction is on the first page, goes into adjusted gross income. Already taken into account before itemizing/standard deduction.

 

[vshah]

excellent. should knock me down a tax bracket.

 

[CPA]

Is this a ROTH or Traditional? What was your AGI? Do you have a 401K at work?

 

[alkemyst]

Yes - IF a Standard IRA w/ no 401K

Otherwise some adjustments have to be made.

this is the right answer.

 

[JEDI]

Can I still make use of the 5000 IRA contribution deduction if i'm not itemizing? if so, is this on top of the standard deduction?

if I contribute 5k for myself and my wife, and have no other deductions, will my total deductions be: standard married/joint deduction + 5k + 5k?

thanks!
-Vivan

Roth is better.
and it's 5500 now for both roth and ira for 2013 tax year?

 

[alkemyst]

What's funny is many of the P&N crowd don't focus on these fucked up low limits on savings.