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my4x4grey88
New Member

To correct my question I am looking to get Ira deductions and it states that I do not qualify. How can I get qualified and start a IRA?

I am 56 y/o single male that wants to get into IRA for the deductions.

Info???
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PaulaM
Expert Alumni

To correct my question I am looking to get Ira deductions and it states that I do not qualify. How can I get qualified and start a IRA?

See IRS link below for the contribution qualifications and income requirements

https://www.irs.gov/retirement-plans/traditional-and-roth-iras

If you don't qualify for a deductible IRA, you can still contribute to a non-deductible IRA, then convert to a Roth IRA (back-door Roth). 

Nondeductible IRAs are available to anyone with earned income regardless of how much they make, although few people use them since they don't offer any upfront tax benefit.

This will give you tax-deferred growth in the nondeductible IRA, and if you convert to a Roth IRA, tax-free treatment later.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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PaulaM
Expert Alumni

To correct my question I am looking to get Ira deductions and it states that I do not qualify. How can I get qualified and start a IRA?

See IRS link below for the contribution qualifications and income requirements

https://www.irs.gov/retirement-plans/traditional-and-roth-iras

If you don't qualify for a deductible IRA, you can still contribute to a non-deductible IRA, then convert to a Roth IRA (back-door Roth). 

Nondeductible IRAs are available to anyone with earned income regardless of how much they make, although few people use them since they don't offer any upfront tax benefit.

This will give you tax-deferred growth in the nondeductible IRA, and if you convert to a Roth IRA, tax-free treatment later.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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