Traditional Ira deposit for 2019 by July 15, will the following affect taxes on future withdrawals on ira?

2019 IRA Deduction Limits - Effect of Modified AGI on Deduction if You Are Covered by a Retirement Plan at Work

Hello, I read about this above & it concerned me that if I do open a *Trad. IRA by July 15 to offset more tax 'AND' I do have an employer-sponsored Pension plan that they solely contribute to, will my planned *Trad Ira "still" have future non-taxed distributions? Thanks so much! Happy 4th!

909

1 Best answer

Level 15

Jul 4, 2020 5:00:16 PM

The deductibility of the IRA contribution may be limited since you have a retirement plan at work ... see the chart here :

See these IRS IRA deduction limit charts.

If *you* are covered by a retirement plan:
https://www.irs.gov/Retirement-Plans/2015-IRA-Deduction-Limits-Effect-of-Modified-AGI-on-Deduction-if-You-Are-Covered-by-a-Retirement-Plan-at-Work

If you are *not* covered but your spouse is:
https://www.irs.gov/Retirement-Plans/2015-IRA-Deduction-Limits-Effect-of-Modified-AGI-on-Deduction-if-You-Are-NOT-Covered-by-a-Retirement-Plan-at-Work

Level 15

Jul 4, 2020 5:00:16 PM

The deductibility of the IRA contribution may be limited since you have a retirement plan at work ... see the chart here :

Returning Member

Jul 4, 2020 5:02:08 PM

Critter- 3, You are awesome to have quickly replied. I really appreciate your help!

I hope you have a great weekend!

Thanks so much! God bless you!

Psalms 91

Why sign in to the Community?

Traditional Ira deposit for 2019 by July 15, will the following affect taxes on future withdrawals on ira?