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I particiapte in a SIMPLE IRA at work. Do SIMPLE IRA contributions count toward Traditional IRA contribution limits? I want to open a traditional IRA to reduce my tax.
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posted
June 4, 2019
4:01 PM
last updated
June 04, 2019
4:01 PM
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I particiapte in a SIMPLE IRA at work. Do SIMPLE IRA contributions count toward Traditional IRA contribution limits? I want to open a traditional IRA to reduce my tax.
No, your SIMPLE IRA contributions do not count towards your Traditional IRA contribution limits.
However, a SIMPLE IRA counts as an Employer Sponsored Retirement Plan, so the ability to make a Deductible IRA Contribution phases out at certain income levels depending on your filing status:
- Single & Head of Household- Phases out between $62,000 - $72,000
- Married Filing Joint & Qualifying Widow- Phases out between $99,000 - $119,000
- Married Filing Separate- Phases out between $0 - $10,000
You can check out the TurboTax FAQ below for more information on Deductible IRA Contributions:
https://ttlc.intuit.com/replies/3301534
June 4, 2019
4:01 PM
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