topic I entered the info. on TT for our IRA contribution & was told that our AGI was too high to get a deduction - should I make this contribution anyway since I entered it? in Retirement tax questions

I entered the info. on TT for our IRA contribution & was told that our AGI was too high to get a deduction - should I make this contribution anyway since I entered it?

TURBINE59 — Sat, 01 Jun 2019 21:10:10 GMT

I entered this info. on TurboTax with the intent to make our annual contribution but if I am not going to receive a deduction, should I just wait until the 16th and hope that my AGI next year will NOT be too high, thus resulting in a deduction or should I go ahead and make the contribution before the 15th as I indicated on TT as my original intent?

The question to ask yourself is "Am I making this IRA con...

tygrtchr — Sat, 01 Jun 2019 21:10:11 GMT

The question to ask yourself is "Am I making this IRA contribution for my future or and I making this IRA deduction for a tax deduction?" If you were already going to make a contribution for 2018, then do it by the 16th. If you want a possible deduction, then make the contribution anytime during 2019.

Since you aren't getting a deduction for your contribution, have you considered opening a Roth IRA for tax-paid donations?

topic I entered the info. on TT for our IRA contribution &amp; was told that our AGI was too high to get a deduction - should I make this contribution anyway since I entered it? in Retirement tax questions

I entered the info. on TT for our IRA contribution & was told that our AGI was too high to get a deduction - should I make this contribution anyway since I entered it?

The question to ask yourself is "Am I making this IRA con...

topic I entered the info. on TT for our IRA contribution & was told that our AGI was too high to get a deduction - should I make this contribution anyway since I entered it? in Retirement tax questions