Can I contribute the same amount to an IRA as my 401(k)?

January 22, 2003

Subject:  Saw your web site
Date:  Thu, 02 Jan 2003
From:  Frankie

Saw your web site at Taxtrimmers.com.

What is the current status of the luxury tax as of 01-01-2003?

Also, who do Florida licensed automobile dealers pay luxury tax to? The IRS or Florida Department of Revenue.

Answer

Date:  Fri, 03 Jan 2003

Hello Frankie,

The federal luxury tax on automobiles is repealed as of January 1, 2003. Thank God!

Florida automobile dealers paid the federal luxury tax to the IRS. I don't know if there is a Florida luxury tax. Ask a local auto dealer. They should know.

Good luck!
Mike Gray

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Michael Gray, CPA
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