Is there any benefit to someone in my situation contributing to a traditional IRA?
- I have a profit sharing plan at work, maxes out at ~ 54K -- basically like a 401k
- Spouse has a 401k at work. We max it out.
- Taxes - file as married filing jointly
- Income too high to contribute to a Roth IRA
- Income too high to contribute to a traditional IRA and deduct any of it.
- Have an old 401k that was converted into a rollover IRA. This affects current ability to do backdoor Roth conversion (pro rata rule).
- Have an HSA. We max it out, hold investments in it, and are treating it like an IRA (have not withdrawn anything from it).
So, what advantage is there to contributing to a tIRA for me? The only things I can think of are for purposes of doing Roth conversions in the future, and for not being taxed on any income generated by those contributions (so long as that $ is held in the tIRA).
Current excess $ is being invested in a taxable account. I could max a tIRA, but not sure there is much benefit.