Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
Jack makes 200,000 a year. Jill makes 120,000 a year. Jack has access to 401(k) plan at work and Jill doesn't. Their combines AGI is over 160,000 but Jill's AGI is under 160,000 (since it's 120,000).

(1) Can Jill make a TAX DEDUCTIBLE CONTRIBUTION to traditional IRA ?

If (1) is yes then:

(2) If Jill has made previous contributions to traditional IRA with after tax money (non-deductible contribution), Can she make this now deductible contribution to the same IRA account (and thus mix tax deductible and non-deductible contributions in the same account) ?

Print the post  

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement