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Level 1
February 23, 2021
Solved

After tax IRA contribution

  • February 23, 2021
  • 1 reply
  • 18 views

AGI is $150K

Can I make a $6K contribution to my IRA ?

Which one do I deposit the Contribution to - the Roth or the Traditional?

Best answer by DanaB27

For the traditional IRA you will be able to make a contributions as long as you have taxable compensation but it might not be deductible if you or your spouse are covered by a retirement plan at work. Please see IRA deduction limits for details.

 

For the Roth IRA contributions may be limited based on your filing status and income. Please see 2020 - Amount of Roth IRA Contributions You Can Make for 2020 for details.

1 reply

DanaB27Employee Tax ExpertAnswer
Employee Tax Expert
February 23, 2021

For the traditional IRA you will be able to make a contributions as long as you have taxable compensation but it might not be deductible if you or your spouse are covered by a retirement plan at work. Please see IRA deduction limits for details.

 

For the Roth IRA contributions may be limited based on your filing status and income. Please see 2020 - Amount of Roth IRA Contributions You Can Make for 2020 for details.

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