RE: Roth IRA

[bingavey]

I am a senior of 72 years of age . I am still working  and at the same time  collecting  SS  at age 70.

I file join tax return with my wife  and the gross income is over $100,000  including my SS income. Please advise what % of my SS is subject to tax and while filing our  2023 tax return, can we deduct the following items before tax

our annual  Roth IRA. $75,00 individually 

HSA annual amount $4000 of each. kind;y advise

[RobertB4444 · Accepted solution]

Your social security is up to 80% taxable depending on how much other money you earn.  In your tax situation I would expect that the IRS is taxing all 80% of it that they can.

You can make a Roth IRA contribution since you have earned income but it isn't deductible.  Roth IRA contributions are not deductible when contributed and are tax free when taken out.

You don't say whether your spouse is working or how old she is but as long as she is qualified then she can contribute to her Roth as well.

The HSA is definitely deductible for you as long as you have a high deductible health plan.  If your spouse is also has a high deductible health plan then it is deductible for her as well.

@bingavey