MaryK4
Expert Alumni

Retirement tax questions

The deduction limit of your traditional IRA may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels.  However, just because it is not deductible does not mean you cannot contribute.  If you contribute to a traditional IRA and cannot deduct it, the contribution becomes basis and you will not have to pay taxes on the basis when you take the money out at retirement.

To get even more benefits, look up "Backdoor IRA"- you will be able to have your Roth IRA!

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