Thank you for detailed instruction. My question is about the deductible IRA. I think her AGI is higher than certain amount and not allowed to buy deductible IRA.
you are correct, she cannot make a contribution to an IRA since she is well over the phaseout limit.. additionally the math doesn't math | 200-7-6-18 = $169. there is a $3,120 tax savings by donating 7K and putting 6K in her retirement.
Thank you for detailed instruction. My question is about the deductible IRA. I think her AGI is higher than certain amount and not allowed to buy deductible IRA.
you are correct, she cannot make a contribution to an IRA since she is well over the phaseout limit.. additionally the math doesn't math | 200-7-6-18 = $169. there is a $3,120 tax savings by donating 7K and putting 6K in her retirement.