Current year contribution
Just curious but if have an income of roughly $250k and im maxing out my 401K at work- can i make a deductible IRA contribution? Thanks in advance. Have conflicting views on this one.
The AGI is $325k now that i look at it but what is the ruling on this? Isnt there an income limitation or the fact that i am fully contributing to a 401K?
Yes, the income limit phaseout range for single taxpayers is 77k-87k, and for married taxpayers filing jointly is 123k-143k.
Permalink Submitted by Alan - IRA critic on Wed, 2024-04-10 19:56
It’s not clear whether 250k is your gross income or modified AGI, on which the deductions are based, but it’s highly unlikely that that you could deduct an IRA contribution. You might consider a non deductible contribution which you can then convert to a Roth tax free if you do not have an existing pre tax IRA balance.