Maximum Deductible Contributions
June 25th, 2010
Question: Max’d Roth IRA contributions & 401k. Can I contribute to non-deductible IRA, too?
I contributed the max $15,000 to my company 401K. With an adjusted AGI $102,880 for Single taxpayer, the IRS spreadsheet indicates a maximum ROTH IRA contribution of $1900 is allowed.
My question is whether a non-deductible contribution to traditional IRA in the amonut of $2100 is allowed. This keeps IRA contributions to $4000… is this allowed?
thanks,
Chaz
Answer: Better check with a ” real” tax guy…I’m thinking $ 4000. in the Traditional would bring your Adj Gross down…yes? ..no?
….and the ROTH ( seeing as you are paying tax on THAT money) should be able to take another $ 4000. (max).
One thing about our gov geniouses…they sure make things ” easy” on someone who’s trying to ” take care of themselves” instead of counting on them ( and their broken down ” we’ll take care of you” Social Security system!)
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