"We are (married, filing Jointly), and in an effort to reduce tax, we are considering the purchase of 2 IRAs for a total of $13,000. We both recieved forms 5498-SA. Do the amounts recorded on the forms 5498SA affect the total allowable IRA contribution amounts?"
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Yes, both HSA contributions through your employer and directly to your HSA reduce your AGI and your MAGI.
Your MAGI (which determines your deductible IRA contribution limit) is determined by:
An individual's adjusted gross income without taking into account any of the following amounts.
Yes, both HSA contributions through your employer and directly to your HSA reduce your AGI and your MAGI.
Your MAGI (which determines your deductible IRA contribution limit) is determined by:
An individual's adjusted gross income without taking into account any of the following amounts.
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