Poll

What baby step are you up to?

$1,000 Rainy day fund
Pay off all debt using the debt snowball
3 to 6 months of expenses in savings
Invest 15% of household income into Roth IRAs and pre-tax retirement (401k Etc.)
College /Simcha fund for children
Pay off home early (prepay mortgage)
Build wealth and give!

Author Topic: Dave Ramsey Plan  (Read 10260 times)

Offline ExGingi

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Re: Dave Ramsey Plan
« Reply #360 on: August 02, 2020, 06:52:35 PM »
https://www.investopedia.com/ask/answers/07/401(k)_ira.asp

I stand corrected. It does depend on income

https://www.irs.gov/retirement-plans/plan-participant-employee/2020-ira-contribution-and-deduction-limits-effect-of-modified-agi-on-deductible-contributions-if-you-are-covered-by-a-retirement-plan-at-work

Household income would need to be under $104,000 to make it fully deductible.

But now going back to ACA eligibility, I am not sure that it would be treated any different than on the tax side.
« Last Edit: August 02, 2020, 06:58:16 PM by ExGingi »
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline Joe4007

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Re: Dave Ramsey Plan
« Reply #361 on: August 02, 2020, 07:03:20 PM »
I stand corrected. It does depend on income

https://www.irs.gov/retirement-plans/plan-participant-employee/2020-ira-contribution-and-deduction-limits-effect-of-modified-agi-on-deductible-contributions-if-you-are-covered-by-a-retirement-plan-at-work

Household income would need to be under $104,000 to make it fully deductible.

But now going back to ACA eligibility, I am not sure that it would be treated any different than on the tax side.
Well, it explicitly says no work retirement account and they're pretty much talking about households earning less than 104k.

Offline 12HRS

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Re: Dave Ramsey Plan
« Reply #362 on: August 03, 2020, 01:01:14 AM »
You're correct, I made a mistake. The second spouse can still contribute $6k to an IRA.

how many spouses are there?

Offline avromie7

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Re: Dave Ramsey Plan
« Reply #363 on: August 03, 2020, 09:22:18 AM »
how many spouses are there?
Whoops, I meant "the spouse".
I wonder what people who type "u" instead of "you" do with all their free time.