We made $1345 contributions to an employer 401k & $3220 to a personal IRA; total not over max of $6500 but our MAGI is over $121000 so no deduction?

phboyle · ‎June 6, 2019

MinhT · ‎June 6, 2019

As you are covered by a retirement plan at work and your MAGI is over $121,000 for a married couple filing jointly, your IRA contribution is not deductible. This is even if the total contributions to your 401(k) and IRA are less than $6,500.

Please read this IRS document for more information:

https://www.irs.gov/retirement-plans/plan-participant-employee/2018-ira-contribution-and-deduction-l...

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We made $1345 contributions to an employer 401k & $3220 to a personal IRA; total not over max of $6500 but our MAGI is over $121000 so no deduction?

We made $1345 contributions to an employer 401k & $3220 to a personal IRA; total not over max of $6500 but our MAGI is over $121000 so no deduction?

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We made $1345 contributions to an employer 401k &amp; $3220 to a personal IRA; total not over max of $6500 but our MAGI is over $121000 so no deduction?

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We made $1345 contributions to an employer 401k &amp; $3220 to a personal IRA; total not over max of $6500 but our MAGI is over $121000 so no deduction?

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We made $1345 contributions to an employer 401k & $3220 to a personal IRA; total not over max of $6500 but our MAGI is over $121000 so no deduction?

We made $1345 contributions to an employer 401k & $3220 to a personal IRA; total not over max of $6500 but our MAGI is over $121000 so no deduction?