Yes. A spouse who does not earn income can contribute up to $4,000 ($4,500 if you are age 50 or older in 2005 and $5,000 if you are age 50 or older in 2006) to a Traditional IRA and deduct the entire contribution from income reported on a joint tax return if the couple's combined adjusted gross income (AGI) is less than or equal to $150,000. If the couple's AGI is between $150,000 and $160,000, the spouse's contribution may be partially deductible.

Yes. A spouse who does not earn income but who files a joint federal income tax return can contribute up to $4,000 ($4,500 if you are age 50 or older in 2005 and $5,000 if you are age 50 or older in 2006) to a Roth IRA based on the earned income of the joint filer and the MAGI on the joint return. These contributions are not deductible from current taxes.

The main benefit is that all contributions are made with "pre-tax" dollars, meaning you deduct your contribution from current income, allowing you to save on taxes.

Regardless of income, any individual with compensation from employment or earned income from self-employment and under age 70? (or the spouse of a working individual) is eligible to contribute to a Traditional IRA. Contributions for an unmarried person are tax deductible if the individual is not an active participant in an employer-sponsored retirement plan. Those who are active plan participants must meet specified income limits to qualify for tax-deductible contributions.

The STARS are a non-profit organization (501c) and part of the Winfield Youth Softball Organization, Winfield Recreation Council and Carroll County Department of Enterprise. All donations to the STARS are tax deductible.

No. The University's retirement plan does not provide for Contributions to be made on an after-tax basis.

The New York Bar Foundation is a not-for-profit organization pursuant to the Internal Revenue Code, Section 501(c)(3). Gifts to The Foundation are considered charitable contributions and are tax deductible, as allowed by law.

Yes. When you give to my ministry, you are giving it through my home church. It is treated the same way as a gift to my church.

Yes. Your employer will keep track of your contributions and report them on your T4 slip as contributions to a registered pension plan. Your T4 will also show a "pension adjustment" amount. The Canada Revenue Agency (CRA) uses the pension adjustment to calculate the amount of RRSP contribution room you will have in the following year. The CRA will notify you of your RRSP room for the following year on your annual Notice of Assessment.

Yes. FLOW is a 501(c)(3) organization.Click here to see FLOW's Tax Status Determination Letter from the IRS. And here to see FLOW's Texas Exemption from Taxation Ruling.

Money you deposit in your HSA qualifies for an "above-the-line" deduction. If a relative or friend makes a gift contribution to your HSA, you still receive the tax deduction. However, you do not get tax breaks on the contributions your employer makes.

Yes, if both spouses are eligible individuals and both spouses have established an HSA in their name. If only one spouse has an HSA in their name, only that spouse can make a 'catch-up' contribution. Each spouse is eligible to contribute to an HSA in their own name, up to the amount of the deductibles under their respective policies. However, each spouse's contribution cannot exceed the contribution limit of $2,850 for individuals for 2007.

Yes, if both spouses are eligible individuals and both spouses have established an HSA in their name. If only one spouse has an HSA in their name, only that spouse can make a “catch-up” contribution. Each spouse is eligible to contribute to an HSA in their own name, up to the amount of the deductibles under their respective policies. However, each spouse’s contribution cannot exceed the contribution limit of $2,850 for individuals for 2007.