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In my post from March 22, I discussed the formula for calculating the amount of a direct Roth IRA contribution when your income falls within the Roth phaseout limits. Another common phaseout covers how much of a Traditional IRA contribution can be deducted. As with the Roth contribution phaseout, this income level cutoff is not a “cliff,” meaning if you go one dollar over the level, you do not immediately become ineligible to deduct your Traditional IRA contribution. There is a phaseout range which gradually decreases the amount of the allowed deduction.

Client made a $7000 Roth IRA contribution in April 2020. After 2020 taxes were done, income was higher than expected,...

401k/403b/457b owner died in 2018 with complex estate. Beneficiaries were non-spouse conduit trusts with all requirements met to be a...

IRA owner died in 2016. Beneficiary of his IRA was his trust. He was only 60 years old. No RMD’s...

88 year old died in February and left his pre-tax IRA to two children, split 50/50. RMD for 2021 not...

Husband and wife couple are reviewing/revising their Living trust and trusts for children. Living trust has house and brokerage assets...

Assume a see-through accumulating spendthrift trust in which the terms of the trust specify a monthly allowance to son “A”...

Facts: In 2021, the IRA owner passed after her required beginning date. At the time of death the owner’s estate...

I have a client (74 years old) who is still working, but will be retiring in 2022. He wants to...

I am 73 years old and my wife 67(both retired). During our working years we were not able (due to...