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Old 12-03-2005, 10:08 PM
TheMetetron TheMetetron is offline
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Default Re: IRA Help for a Professional Poker Player

Question:

When you deduct your IRA contribution from your taxes, is that done in the same place as your standard deduction (meaning I can't take a standard deduction to enjoy the full benefits) or somewhere else?

If it goes in your standard deduction, I may not want to put my money into an IRA, yet, as I don't itemize ($5000 standard vs $160 or whatever I actually have to deduct).
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Old 12-03-2005, 10:18 PM
broiler broiler is offline
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Default Re: IRA Help for a Professional Poker Player

The IRA deduction comes before AGI on your tax return. Your standard deduction will not be touched because of an IRA deduction.
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