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Roth re-characterization?
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Topic: Roth re-characterization? (Read 1072 times)
Patrick A
Stubble
Posts: 134
Roth re-characterization?
«
on:
February 03, 2016, 08:58:25 AM »
Deleted because of simple answer below. Thank you!
«
Last Edit: February 03, 2016, 09:07:51 AM by Nubs
»
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terran
Magnum Stache
Posts: 3807
Re: Roth re-characterization?
«
Reply #1 on:
February 03, 2016, 09:06:38 AM »
Probably not. Unless your modified AGI is below $98k you can't deduct a traditional IRA contribution:
https://www.irs.gov/Retirement-Plans/2015-IRA-Deduction-Limits-Effect-of-Modified-AGI-on-Deduction-if-You-Are-Covered-by-a-Retirement-Plan-at-Work
Here is information on calculating your AGI and MAGI:
https://turbotax.intuit.com/tax-tools/tax-tips/IRS-Tax-Return/What-Is-the-Difference-Between-AGI-and-MAGI-on-Your-Taxes-/INF22699.html
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Patrick A
Stubble
Posts: 134
Re: Roth re-characterization?
«
Reply #2 on:
February 03, 2016, 09:08:15 AM »
Thanks, got rid of my original post to get rid of any financial info . . . thanks for the answer.
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Roth re-characterization?