Can I deduct both Simple IRA and Traditional IRA contributions?

TheBusinessBoy — Thu, 06 Jun 2019 19:11:52 GMT

Yes, if you are covered by a Simple IRA through your job,...

Rachel_W — Thu, 06 Jun 2019 19:11:54 GMT

Yes, if you are covered by a Simple IRA through your job, you can also contribute to a Traditional IRA.

Whether or not your contribution to a Traditional IRA is Deductible depends on your Modified Adjusted Gross Income (MAGI) and Filing Status.

Because you are covered by an Employer Sponsored Retirement Plan, Your Simple IRA, your ability to make a Deductible IRA Contribution phases out when your MAGI hits certain levels based on your filing status:

Married Filing Joint or Qualified Widow: Phases out between $99,000-$119,000
Single or Head of Household: Phases out between $62,000-$72,000
Married Filing Separate: Phases out between $0 - $10,000. (Married individuals who live apart at all times during the year are treated as Single).

If you meet all of the qualifications to make a Deductible IRA Contribution but it still isn't showing on your Tax Return, please comment below so we can help you further.

For more information check out the TurboTax FAQ below: https://ttlc.intuit.com/replies/3301534

Quick question with that, would the Simple IRA deduction...

TheBusinessBoy — Thu, 06 Jun 2019 19:11:55 GMT

Quick question with that, would the Simple IRA deduction be deductible if the traditional IRA one isn't? Or would both not be deductible? Not really sure on that as well.

topic Quick question with that, would the Simple IRA deduction... in Retirement tax questions

Can I deduct both Simple IRA and Traditional IRA contributions?

Yes, if you are covered by a Simple IRA through your job,...

Quick question with that, would the Simple IRA deduction...