Author Topic: IRA Contributions  (Read 1226 times)

wonderfuffin

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IRA Contributions
« on: April 03, 2016, 07:55:56 PM »
Hi,

I need some clarifications on whether or not I am allowed to deduct IRA contributions for 2016. My wife & I were both laid off as of 04/01. Prior to 04/01 we both had employer offered 401(k)s which we contributed a combined $9000.

The information I can find on the IRA website states that over $118,000 MAGI & covered by employees retirement plan IRAs are not deductible, however, it doesn't state what happens when you're covered for a partial year.

We expect our MAGI to be around $130,000.

johnny847

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Re: IRA Contributions
« Reply #1 on: April 03, 2016, 08:11:07 PM »
If you had a workplace retirement plan at any point during the year it "contaminates" the entire year.

To confirm this check your W-2 for a box concerning workplace retirement plans or something to that effect.

wonderfuffin

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Re: IRA Contributions
« Reply #2 on: April 03, 2016, 08:33:43 PM »
So my only option for tax advantaged accounts with my income is a Roth? (I don't have access to an HSA)

MDM

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Re: IRA Contributions
« Reply #3 on: April 03, 2016, 08:35:24 PM »
If you had a workplace retirement plan at any point during the year it "contaminates" the entire year.

To confirm this check your W-2 for a box concerning workplace retirement plans or something to that effect.
^This.

You may, however, do Roths through the front door.