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

jokrfred — Sat, 01 Jun 2019 07:28:17 GMT

No. A ROTH is not deductible.

VolvoGirl — Sat, 01 Jun 2019 07:28:20 GMT

No. A ROTH is not deductible.

macuser_22 — Sat, 01 Jun 2019 07:28:21 GMT

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