Pre tax income limits
My wife and I have been contributing to our TIRAs for years. We know that the last number of years have been after tax dollars, but we are trying to find out what the income limits were for years 1975 through 2006. We know our incomes and contributions for the early years but
are not sure if they were pre tax or after tax. Where can I find these limits?
Permalink Submitted by Alan Spross on Sun, 2008-02-24 06:04
Denise Appleby had a chart showing the MAGI thresholds back to the first year that IRA contributions were income limited, which was 1987. I can’t seem to find it at this point, but will keep looking.
If your concern is that you did not file Form 8606 to report your basis in these contributions, you might be able to get the data from the IRS. This would involve comparing the 5498 which reports your contributions with your tax return for that year showing whether you deducted them or not. If you did not, then you could file the 8606 forms retroactively. The IRS has been accepting these without charging a penalty.
For tax years 2004 and later that are still open years, if you were eligible for a deduction, you could amend your returns for those years if you opted to not to file the 8606. You can make a non deductible contribution even though you are eligible for the deduction if you choose to.
Permalink Submitted by Denise Appleby on Fri, 2008-03-21 22:02
Justn browsing and saw this. Please click on Legislative History of IRAs at http://www.retirementdictionary.com/historicaldata.htm and click on