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Form 8606 for Montgomery Maryland: What You Should Know

A)(4)(i)](2)(B) How much can I contribute? Maximum Amount You Can Contribute (Year 1) Your annual contributions are limited to the amount you contributed in 2025 (Form 8606, 2017). You cannot exceed the contribution limit by more than 2,200 for tax year 2017. Your Annual Contribution Maximum Total contributions are limited to 13,100 from each IRA and 5,100 from other taxable accounts. You cannot make additional contributions to an IRA or other taxable account for 2017. It is possible that after the year-end you can contribute more. Can I deduct 401k and 403b? 401k contributions are not deductible. You can use Form 4562 for a 5% early distribution to avoid the 10% early withdrawal penalty, if you meet the following conditions: You did not have any contributions for the prior tax year, You withdrew those funds within 90 days, and  The amount of the distributions, less required minimum distributions, do not exceed the amount in the prior tax year. 403b contributions may not be deductible by your employer in 2017, though you have the flexibility to take an optional distribution early in 2025 (see question #9).

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