Retirement Contributions: 1) I contribute to IMRF Pension through employer, enter amt on tax rtn? 2) Also contribute to a personal IRA, can I get credit for that also?

1999tracinda · ‎June 3, 2019

I was told by an acct friend that since I contribute to IMRF pension, I'm not eligible any longer to get a retirement contribution credit for my personal IRA. Another acct friend said as long as I make less than $70k I can get the credit. Which is right?

MichaelL1 · ‎June 3, 2019

If you are part of a retirement plan at work, it can limit the deductible of an IRA.

Look at this link, as you did not say single or married, but if the income (it uses MAGI-modified adjusted gross income) and if single the deduction is totally phased out at $71K.

https://www.irs.gov/retirement-plans/plan-participant-employee/2016-ira-contribution-and-deduction-l...

To determine the MAGI look at chart 2.1 https://www.irs.gov/publications/p590a/ch02.html#en_US_2016_publink100025085

View solution in original post

Retirement Contributions: 1) I contribute to IMRF Pension through employer, enter amt on tax rtn? 2) Also contribute to a personal IRA, can I get credit for that also?

Retirement tax questions