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Retirement tax questions
If your AGI is $167,000 and you are covered by a retirement plan at work, if you are Married Filing Joint the income limit to contribute to a Traditional IRA is $103,000 to receive the full deduction for the contribution.
If you are Single the income amount is limited to $64,000.
If you do not want to pay the penalty you need to remove the excess amount before you file your return.
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March 2, 2020
11:01 AM