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sweilers5
Level 1

After tax IRA contribution

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?

1 Best answer

Accepted Solutions
DanaB27
Expert Alumni

After tax IRA contribution

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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1 Reply
DanaB27
Expert Alumni

After tax IRA contribution

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.

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

View solution in original post

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