@VAer wrote:
Yes, I am covered by a retirement plan at work.
So if not single, then it is deductible? Maybe I should wait till married before making more contribution.
I should only contribute to Roth IRA while being single.
Thanks.
You might want to talk to a financial planner (or do some online research). Most young people are much better off in the long term with a Roth IRA since it is not taxable when you take distributions when retired and over age 59 1/2 while Traditional IRA distributions are taxed at any age when distributed (the non-deductible contributions will reduce the tax somewhat depending on the amount).
The "deductible" Traditional IRA contribution to reduce tax *now* can be attractive but look at the long term if you are investing for retirement.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
