DanaB27
Expert Alumni

Retirement tax questions

To clarify, is this a Roth IRA or a traditional IRA?

 

Please note contribution to a Roth IRA may be limited based on your filing status and income. Please see Amount of Roth IRA Contributions You Can Make for 2024. If this is the case you would have an excess contribution. Please see What happens if I made an excess Roth IRA contribution.

 

Also, the deduction may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels. Please see IRA deduction limits for details. If you are getting the warning that your income is too high to deduct it then you can make the contribution but the contribution will be nondeductible. 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"