My accountant told me that it didn't make good financial sense for me to put any more yearly contributions into my IRA because I am very likely to be in a higher tax bracket in the years to come and that I would be better off paying taxes on my income now instead of paying taxes on the money later when I withdrew it from the IRA account.This reply is a little late but I wanted to follow up. It sounds like that you qualify for a deductible contribution. Do you qualify to make a Roth contribution? If you do not, you can convert to a Roth like the previous poster suggested and you can contribute to a non-deductible IRA every year. Once you make the contribution you can immediately convert it to your Roth. I would rather pay taxes now like you suggest, but I would also like to pay no tax on withdrawals 20 years from now.
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