Hello fellow Mustachians,
Originally I was 100% into maxing out my Roth IRA, but after learning about the Roth IRA conversion ladder and understanding the growth charts better, I'm stopping contributions to my Roth IRA, and going with the Traditional IRA. However, I have a 401k plan with my company at the moment and they don't allow pre-tax dollars to go to other funds that are not our 401k program. Therefore, the only way I can contribute to my traditional IRA is to put post-tax dollars into it, and the traditional IRA fund said I could write those dollars off at the end of the year with my taxes. However, I also saw that depending on your MAGI, you might not be able to write all or any of those dollars off. So in addition to not being able to contribute pre-tax dollars to the tIRA, you also might not be able to write-off that contribution at the end of the year (depending on your MAGI). Considering all this is there any advantage to contributing to the tIRA rather than the Roth IRA? Any thoughts or suggestions would be greatly appreciated. Thank you.
George