Traditional IRA income limit
If there is not a retirement plan at work, is there an income limit to be able to be able to contribute to a traditional IRA(not Roth)? I have a client who would like to contribute toward 2021 before April 15th. They have substantial income, and no retirement plan at work. Thanks!
Permalink Submitted by Alan - IRA critic on Mon, 2022-04-04 22:55
Anyone with earned income can make a non deductible TIRA contribution and anyone who is not a workplace plan participant can deduct the contribution if single, but perhaps not if married and spouse IS a workplace participant.
Permalink Submitted by Cleve Gantt on Tue, 2022-04-05 18:52
The spouses work together at their family business, and the business doesn’t have a retirement plan. Their joint MAGI is over $210,000. Can they each make a deductible contribution of $7,000 to a traditional IRA for 2021(beforeApril 15) since they are over age 50?