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Level 1

Question

IRA deduction

Forum|Forum|4 years ago
April 6, 2022
1 reply
2 views

My total income was under $125k. I owe $7k and looking to reduce. I contributed $5500 to a Roth IRA. Can I open and contribute $6k to a traditional IRA and deduct?

Level 15

No. Roth contributions are not tax-deductible. For 2021, the total contributions you make each year to all of your traditional IRAs and Roth IRAs can't be more than:

$6,000 ($7,000 if you're age 50 or older), or
If less, your taxable compensation for the year

Your traditional IRA contributions may be tax-deductible. The deduction may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels.

IRA deduction limits

What are IRA Recharacterizations? Contributions to traditional IRAs can be tax deductible, but not Roth IRA contributions.

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