I opened a traditional IRA last year, and just realized that my contribution is not deductible (Turbotax website).
Fortunately, I did not contribute much on traditional IRA, instead I contributed most on Roth IRA.
Regarding no deduction on traditional IRA when income surpasses $75k: is it the new policy or has it been there for a long time? I mistakenly thought traditional IRA contribution is before tax money and already deductible.
If it is not deductible now, do I need to pay tax when withdrawing money after retirement?
Thanks.
