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10-17-1948
New Member

Can I contribute to my IRA to reduce the taxes? I am retired and receiving a monthly payment from a qualified plan and social security. I am also working full time.

Not sure I can use IRA to reduce taxes since I am already receiving retirement and social security?

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hbl3973
Level 8

Can I contribute to my IRA to reduce the taxes? I am retired and receiving a monthly payment from a qualified plan and social security. I am also working full time.

Possibly yes.  See https://www.irs.gov/pub/irs-pdf/p590a.pdf page 12 and the worksheet starting on page 54 for details on what amount of an IRA contribution would be deductible.  While Social Security factors into it, your qualified plan payments only affect the AGI that goes into the worksheet.


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1 Reply
hbl3973
Level 8

Can I contribute to my IRA to reduce the taxes? I am retired and receiving a monthly payment from a qualified plan and social security. I am also working full time.

Possibly yes.  See https://www.irs.gov/pub/irs-pdf/p590a.pdf page 12 and the worksheet starting on page 54 for details on what amount of an IRA contribution would be deductible.  While Social Security factors into it, your qualified plan payments only affect the AGI that goes into the worksheet.


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