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maf17hit
New Member

Can i open an another IRA to help on my taxes

 
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ThomasM
New Member

Can i open an another IRA to help on my taxes

You can open another Traditional IRA, but the contribution limit is a combined total for all your IRAs, both Traditional & Roth.  Deductibility of contributions will depend on modified AGI and whether you and/or spouse are covered by a retirement plan at work.

If the IRA you currently have is a Roth IRA, then you can open a Traditional in order to take advantage of the deduction. Again, you'll be limited by the combined contribution limit.

You can read about the criteria for deducting IRA contributions here:  https://www.irs.gov/retirement-plans/ira-deduction-limits.

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