Stocks Dividends
How can I reduce the tax I have to pay for the dividends I received in 2006 from stocks?Catch up on IRA?
Instead of re-investing the dividends in the stock I have, I requested and got them to pay me the dividends to supplement my income. I took early retirement and worked part-time in 2006. I did not put any money into IRA for 2006. In my parttime job, I had put ~$4K into a 401K account. My total AGI for 2006 is ~$67K. My preliminary tax return showed that I have to pay taxes for the dividends that I did not pay taxes in 2006. I have to pay a penalty also. In order for me to reduce taxes, can I still put money into IRA for 2006? What is the maximum amount for 55 year old and above? Are there other things I can do to reduce the taxes and hence the penalty I have to pay Uncle Sam?
By the way, if this stock was held in a non-retirement account, you would have had to pay tax on the dividends every year, reinvested or not.
Yes, you have until 4/17 to get up to $5000 into a traditional IRA to reduce your taxes. Since you were covered by a retirement plan (the 401K), it will not be deductible if you are single. If you are married filing jointly, you would have a deduction. See the work sheet on page 22 of the instructions for form 1040.
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