Comments on: claimed exempt all of 07, looking at IRAs to reduce tax liability, how much can I do and what makes sense? http://www.iraroth.net/2010/02/claimed-exempt-all-of-07-looking-at-iras-to-reduce-tax-liability-how-much-can-i-do-and-what-makes-sense/ IRA Questions and Answers Thu, 20 Oct 2011 14:36:38 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Judy http://www.iraroth.net/2010/02/claimed-exempt-all-of-07-looking-at-iras-to-reduce-tax-liability-how-much-can-i-do-and-what-makes-sense/comment-page-1/#comment-555 Judy Sun, 14 Feb 2010 22:58:09 +0000 http://www.iraroth.net/2010/02/claimed-exempt-all-of-07-looking-at-iras-to-reduce-tax-liability-how-much-can-i-do-and-what-makes-sense/#comment-555 With that much income, you are likely to have some tax liability even with 4 kids and 2 mortgages. And if you are already contributing to a 401K, you very likely can't deduct an IRA contribution, If you claimed exempt and aren't, you can be fined in addition to having to pay the tax you owe plus possible penalties for underwithholding. Did you have any tax liability for 2006? If you did, you can't legally file "exempt" on your W-4 for 2007. With that much income, you are likely to have some tax liability even with 4 kids and 2 mortgages. And if you are already contributing to a 401K, you very likely can’t deduct an IRA contribution,

If you claimed exempt and aren’t, you can be fined in addition to having to pay the tax you owe plus possible penalties for underwithholding. Did you have any tax liability for 2006? If you did, you can’t legally file “exempt” on your W-4 for 2007.

]]> By: jinenglish68 http://www.iraroth.net/2010/02/claimed-exempt-all-of-07-looking-at-iras-to-reduce-tax-liability-how-much-can-i-do-and-what-makes-sense/comment-page-1/#comment-554 jinenglish68 Sun, 14 Feb 2010 22:04:19 +0000 http://www.iraroth.net/2010/02/claimed-exempt-all-of-07-looking-at-iras-to-reduce-tax-liability-how-much-can-i-do-and-what-makes-sense/#comment-554 the first question is do either your our your spouse have earned income, and if so how much? the second question is are either of you participating in an employer-sponsored retirement plan? once your answer those questions we can proceed. the first question is do either your our your spouse have earned income, and if so how much?

the second question is are either of you participating in an employer-sponsored retirement plan?

once your answer those questions we can proceed.

]]> By: Dr. Deth http://www.iraroth.net/2010/02/claimed-exempt-all-of-07-looking-at-iras-to-reduce-tax-liability-how-much-can-i-do-and-what-makes-sense/comment-page-1/#comment-553 Dr. Deth Sun, 14 Feb 2010 21:20:40 +0000 http://www.iraroth.net/2010/02/claimed-exempt-all-of-07-looking-at-iras-to-reduce-tax-liability-how-much-can-i-do-and-what-makes-sense/#comment-553 depends on how much you make and how big the mortagges are (annual interest amount - I would estimate - very roughly, if you make more than $25000-30000, you will owe tax - figure 10-15% of your gross pay over 25000 - if you make 50000, you will probably owe $2500-4000 in taxes depends on how much you make and how big the mortagges are (annual interest amount – I would estimate – very roughly, if you make more than $25000-30000, you will owe tax – figure 10-15% of your gross pay over 25000 – if you make 50000, you will probably owe $2500-4000 in taxes

]]> By: newjerseyguy http://www.iraroth.net/2010/02/claimed-exempt-all-of-07-looking-at-iras-to-reduce-tax-liability-how-much-can-i-do-and-what-makes-sense/comment-page-1/#comment-552 newjerseyguy Sun, 14 Feb 2010 20:42:53 +0000 http://www.iraroth.net/2010/02/claimed-exempt-all-of-07-looking-at-iras-to-reduce-tax-liability-how-much-can-i-do-and-what-makes-sense/#comment-552 Not enough info to provide an answer, but it sounds like claiming exempt may have been a mistake... Not enough info to provide an answer, but it sounds like claiming exempt may have been a mistake…

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