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I am wondering if I have the following correct. I'm a 54 and single and receive a salary of $40k (and have 6% deducted for the company 401k) - the new IRA limit is $3k (plus $500 for over 50) and the range for reducing the deductible contrib is $34k - $44k (at 30%) - my box 1 taxable income would be $37,600 (40 - (40*.06))=$6,400 * 30% = $1,920 allowed deductible IRA contrib plus $500 = $2,420 (all a deductible contribution to my traditional IRA). I hope I'm right so far. And I can also contrib $1,080 to my Roth IRA (not deductible). Total IRA contributions (ded and non-ded) $3,500.

Do I have this correct?


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