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02/15/2011

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AMANDA CHRISTIANSON

Will this work for next year? I do not have an IRA set up yet.

Tom Copeland

You can still set up and make a contribution to an IRA for 2010 by the April 18, 2011 deadline.

AMANDA CHRISTIANSON

Our MFJ is less than the $55,500. So I can contibute to an IRA. If my husband also contibutes to an IRA, does he have to make less than $27,750? Can we get kind of a double credit that way?

Tom Copeland

You are eligible for the Saver's Credit because of your family income. This means you can get the credit, plus the benefits of a tax deduction from your IRA.

You are always eligible to set up an IRA, regardless of your income. So, your husband can open an IRA even if he makes more than $27,750.

Corrine Hendrickson

I can't figure out which line to deduct the IRA from. Is it on the 1040 or is it on the Schedule C. If so, which line is it? Thank you

Tom Copeland

You show an IRA deduction on Form 1040, line 32.

Jennifer Ackman

I had a daycare partnership from jan - april and then we dissolved the partnership and i have been doing daycare on my own since may. The food program used my SSN for the food payments so the entire amount for the year is on my 1099misc. I called and they said they can not correct this and it is my fault the SSN was used and not an EIN. What should I do? I already had my taxes for the partnership done and have my K1 from it. Now I have to show it as income again on my individual taxes because the food program will not send me a corrected 1099. What should I do? Please help

Tom Copeland

Did the partnership report as income 4 months of the Food Program income? If so, then I'd write a letter between you and your partner stating that the F P income was split between the two partners. If the IRS audits you over the Form 1099 you can explain that the other partner reported half of it.
If none of the Food Program income was reported by the partnership, then amend the partnership return to account for this.

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