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jokrfred
New Member

Will contributing to a Roth IRA give me a tax benefit? I have contributed to a 401k $6720. Our AGI is $195,000.

 
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macuser_22
Level 15

Will contributing to a Roth IRA give me a tax benefit? I have contributed to a 401k $6720. Our AGI is $195,000.

Your AGI is above the limit to even be able to contribute the maximum to a Roth IRA - only a reduced amount.

See this IRS article for Roth contribution limits:

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-li...

And you are also above the limits to deduct a Traditional IRA contribution.

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

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

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

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2 Replies
VolvoGirl
Level 15

Will contributing to a Roth IRA give me a tax benefit? I have contributed to a 401k $6720. Our AGI is $195,000.

No.  A ROTH is not deductible.
macuser_22
Level 15

Will contributing to a Roth IRA give me a tax benefit? I have contributed to a 401k $6720. Our AGI is $195,000.

Your AGI is above the limit to even be able to contribute the maximum to a Roth IRA - only a reduced amount.

See this IRS article for Roth contribution limits:

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-li...

And you are also above the limits to deduct a Traditional IRA contribution.

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

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

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
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