The Money Mustache Community
Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: wonderfuffin on April 03, 2016, 07:55:56 PM
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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.
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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.
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So my only option for tax advantaged accounts with my income is a Roth? (I don't have access to an HSA)
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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.