The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Oh, shoot! We're too successful.||Date: 2/25/2014 3:39 PM|
|Author: JAFO31||Number: 120227 of 122643|
sharleen: "Our overall income is too high to add anything to our IRAs or other protected accounts."
I a mnot a tax pro, but I wonder about the accuracy of that statement.
"If you (or your spouse) earn taxable income and are under age 70 ½, you can contribute."
There is no income bar to contribution to a traditional IRA, though not all contributions may be deductible.
Also, I do not believe that there is an income limit that is an absolute bar to contributing to a 401-k, though if one is an HCE, then the amount that may be contributed annually may be capped below the otherwise lawful amount.
If you are self-employeed, then I beleive that you have other options that would be available to, though I have never much reviewed them.
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