Anyway, from what I can gather, AGI of 160k is the absolute limit for any kind of IRA contribution. I won't likely find 10k in losses to drop our AGI any more. Legal suggestions???(1) If you (you personally - your spouse doesn't matter on this one) are NOT covered by a qualifying pension plan, but you (or your spouse, IF you are married and file jointly) have earned income, you can fund a conventional IRA with DEDUCTIBLE contributions. I don't think there's any upper income limit at all on that.Catch is, I think that being covered by a qualifying pension plan for any one paycheck in the year, counts as being covered for the whole year.(2) If you have earned income, you can make NON-DEDUCTIBLE contributions to a conventional IRA. I don't think there's an upper limit on that either. When you make any withdrawal, a fraction of that withdrawal will be taken from non-deductible contributions and therefore NOT be taxed. However I think the penalty on non-qualifying withdrawals still applies. If you're a trader or putting your money in income-producing (rather than capital-gains-producing) investments, this may make sense; if you're buying low- or no-dividend stocks for the long haul, such as most index funds, it probably doesn't.
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar<