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Daycare and Taxes All things related to Taxes and running a Daycare post here. Topics of tax exemptions, forms, filings, tax write offs, IRS etc.

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Old 01-31-2018, 09:08 AM
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ginacarlisle ginacarlisle is offline
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Default IRA and SIMPLE ACCT?

Hi Tom. I have 2 retirement accounts. I contributed $5000 to IRA and $6000 to simple I am over 50 how much more can I contribute this year? Also is just the simple contribution deducted before taxes? Thank you
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Old 01-31-2018, 10:42 AM
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TomCopeland TomCopeland is online now
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Default IRAs

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Originally Posted by ginacarlisle View Post
Hi Tom. I have 2 retirement accounts. I contributed $5000 to IRA and $6000 to simple I am over 50 how much more can I contribute this year? Also is just the simple contribution deducted before taxes? Thank you
You can contribute up to $6,500 into your Traditional IRA and up to $15,500 into your SIMPLE. Your profit must be at least $22,000 to be able to do this. A Traditional IRA, like a SIMPLE is tax deductible. A Roth IRA is not tax deductible.
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