457, 403B & IRA contribution limits?
Is it possible to make a non-deductible IRA contribution if a client is contributing to a 403B and a 457 plan? Thank you.
Is it possible to make a non-deductible IRA contribution if a client is contributing to a 403B and a 457 plan? Thank you.
Permalink Submitted by Alan Spross on Mon, 2009-04-13 22:11
Yes, as long as they have earned income, a non deductible traditional IRA contributon can always be made prior to age 70.5, and Form 8606 should be filed. If the modified AGI is not over the limit, they could make a Roth IRA contribution instead or combine the two. A Roth contribution, if eligible, is always better than a non deductible TIRA contribution.