Today we’re talking about your filing status and how it may disqualify you from having a retirement account such as an IRA or Roth IRA. We’ll cover the different tax filing status and explain the rules of the road so you can keep your retirement investments on track without the IRS knocking at your door.
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A Roth IRA question. Is there any employer sponsored retirement plan that would disqualify a person from opening a Roth IRA? Old fashion pension or teacher retirement
Does the same rule apply to married, filing separately, living together for a Roth TSP?
Confused! You can’t “contribute” to a traditional ira if filling married separate??? I thought that was only for the Roth IRA???
I'm confused… does the $10,000 AGI rule for MFS apply if we do not live together? Also, does the IRS give a number of max years to file as MFS living apart?
Question, so if a couple file MJ, do they must open a "joint Roth IRA" account?
Glad someone is talking about it! We file separate because I’m on student loan income based repayment and only want my income considered. I bet a lot of people are in the same boat. Our tax preparer was so confused when I brought it up.
Hi Dustin, see if you can solve this we are married want to file separately we had 3 rental property income under our name and my wife want all rental property income for the whole years, but state of Nevada required to provide my additional information regarding my income so what the catch? Am I and my wife end up pay more tax? My filling is very simple W2 that it nothing else to claim.
Hi Dustin, Do you have any idea of the logic behind the IRA restrictions for MFS? It seems they are trying to prevent undue tax advantages but then why not apply the same restrictions for MFJ?
Thanks Dustin good to know the rules.
On the fence about this. On one side you’re married as one, on the other a lot of married couples have separate finances or small businesses. If you file separately the irs treats you like a dog with worse eligibility than a single.