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12R7
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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!
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Traditional Ira deposit for 2019 by July 15, will the following affect taxes on future withdrawals on ira?

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-i...

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-i...

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2 Replies

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

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-i...

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-i...

12R7
Returning Member

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

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

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