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New Member
posted Jun 6, 2019 7:05:09 AM

Is there some way to get a tax benefit from an IRA or Roth IRA contribution if my MAGI is over $73,000?

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1 Best answer
Level 15
Jun 6, 2019 7:05:10 AM

Roth IRA contributions are not deductible.

If you are covered by a retirement plan at work it depends on your filing status if a Traditional IRA is deductible.

See this IRS link for IRA deduction limits when covered by a retirement plan at work.

https://www.irs.gov/Retirement-Plans/IRA-Deduction-Limits

1 Replies
Level 15
Jun 6, 2019 7:05:10 AM

Roth IRA contributions are not deductible.

If you are covered by a retirement plan at work it depends on your filing status if a Traditional IRA is deductible.

See this IRS link for IRA deduction limits when covered by a retirement plan at work.

https://www.irs.gov/Retirement-Plans/IRA-Deduction-Limits