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59jeg
Level 1
June 1, 2019
Solved

My Magi was too high

"If my MAGI was too high to deduct my $6500 IRA contribution ( because I was also covered by a work retirement plan). I am changing jobs this month at a company that does not offer a retirement plan. Will I be able to deduct my 2018 $6500 IRA contribution on my 2019 tax return?"
    dmertzAnswer
    Level 15
    June 1, 2019

    No, you cannot deduct this contribution in a future year.  Your basis in nondeductible traditional IRA contributions, reported on Form 8606, will just proportionately reduce the taxable amount of future distributions until you no longer have any money in traditional IRAs.

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    dmertzAnswer
    Level 15
    June 1, 2019

    No, you cannot deduct this contribution in a future year.  Your basis in nondeductible traditional IRA contributions, reported on Form 8606, will just proportionately reduce the taxable amount of future distributions until you no longer have any money in traditional IRAs.

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