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Didn't read the other posts so I could be repeating.
Sorry, haven't got to 2005 rules yet but the rules typically don't change much except for dollars so this should be a good guide.
If your self employeed (HR 10 or Keogh Plan), in 2004 it was up to 40K or earned income.
Not self, $3K in 2004 ( I think $4K now), $6K for a married couple.
Over 50, there is an additional amount that is allowable, approx. $500. A catch up.
There is a phaseout as well.
Key thing, it is a above the line deduction not a credit which decreases AGI so it might prevent you from being able to deduct other deductions limited to a certain % of AGI.
Good luck,
David
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