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Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: CestMoi on July 28, 2014, 11:22:57 AM

Title: Question on switching Roth payments mid-year to Traditional IRA
Post by: CestMoi on July 28, 2014, 11:22:57 AM
Iíve been contributing to a Roth IRA to max it out, but I was wondering if it would make sense to stop my automatic Roth payments and contribute to my traditional IRA instead for the rest of the year (should be about $3150 left). From what I can tell, my MAGI would allow me to deduct part of the yearís IRA contributions, so Iím hoping I could deduct that $3150 from my taxes.

Anything I'm missing here?
Title: Re: Question on switching Roth payments mid-year to Traditional IRA
Post by: seattlecyclone on July 28, 2014, 03:12:30 PM
I don't think you're missing anything. Your MAGI will help determine your maximum deductible traditional IRA contribution. Might as well put that much in a traditional IRA, subtract this amount from the annual limit and put the remainder in a Roth IRA.