Roth vs traditional IRA under new tax plan

[tweezers]

Quick question: right now we itemize (MFJ), and max out my 401K, and fully contribute to tIRAs.  If we end up under the $24K standard deduction next year (right now we don't, but I'm thinking of opening a DAF before year's end and taking the standard deduction next year), we should fund Roth IRAs in 2018 (because there's no tax incentive to fund a traditional). Yes?

Thanks all.

[terran]

Are you thinking that you wouldn't be able to deduct an IRA contribution if you claimed the standard deduction? IRAs are not an itemized deduction, so as long as your income is within the limits you can deduct IRA contributions whether you itemize or use the standard deduction.

edit: fixed link.

[boarder42]

terran is correct and i assume you're thinking we he assumed as well.

[FrugalHeights]

and also assuming that you do not have modified AGI (MAGI) higher than $189k for MFJ. (or $189k-$199k phase out).
If your MAGI >$199k for MFJ, then you will have to use tIRA (if you still want to contribute to IRA), w/o any tax deduction benefits.

[tweezers]

Thanks all.  I was thinking this was a line item deduction, but obviously didn't think about it hard enough.  We are able to deduct all but ~$500 of my IRA.  We had always planned on doing the Roth conversion ladder when we got to the early retirement stage, and I suppose we'll carry on with that plan.  Thanks for setting me straight!