IRA Contribution ?'s

[NorcalBlue]

I was laid off in Feb 2015 and decided to FIRE.

-My gross income for 2015 is going to be around $90k (includes severance).

So, I'm trying to determine if I should make an IRA contribution for 2015.  If so, should it be in a Roth or into my traditional rolled over IRA?

-I have about 440k in a rolled over IRA that I'm planning to ladder into a ROTH starting in 2016 (now that my income will be low).  I'm most likely going to owe taxes for 2015 due to W2 income and dividend income levels.

So my question is, should I contribute the max amount in my rolled over IRA (traditional) in order to get the tax right off for 2105?  Or, should I open a Roth now and contribute the max into that for 2015?  My gut is telling me to contribute the max into the Traditional IRA and start my Roth laddering in 2016.  I'm guessing my AGI for 2015 will  be around $75k.  If I don't contribute into the Traditional, I'm probably going to owe the IRS for 2015.

Thanks in advance

[MDM]

If you are filing single, your MAGI may be too high to deduct a tIRA.  See https://www.irs.gov/Retirement-Plans/IRA-Deduction-Limits.

[DevoCPA]

I like your gut feeling. If your tax rate will be lower in the future, take the deduction now

[NorcalBlue]

Thanks for the information folks - much appreciated.