ok...let me play back what i just heard...in my own less experienced words. BTW, thank you for your input.
I am single, over 50, with an income over 83K...i can:
- I did contribute to my Employers 401K in 2023 the max $22.5K ($23K 2024) plus $7.5K catchup (same 2024) AND,
- I did contribute to a Traditional Rollover IRA (Opened in 2023) - I can, if i choose to, also contribute $7.5K to the IRA for 2023 if i do it before the deadline in april this year.
- Because of my age, income, and i am in a 401K - i CANNOT deduct the IRA contribution. Additionally, i will need to complete a form 8606 for my $7.5K after tax contribution to the IRA and I will need to regenerate that form each year to include any additional contributions (if i make them in future years).
Final thought...in lieu of the contributing to my traditional IRA, i would rather open a Roth IRA but i believe i canNOT contribute to that as my i have reached the contribution AGI limits for single >= 153K...does that sound right?
