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If I was make $65,000 in 2017 and was not covered by an

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Hello, if I was...

Hello, if I was make $65,000 in 2017 and was not covered by an employer ira, how much can I contribute to a new ira that will be tax-deductible on my 2017 tax returns?

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If I was making $65,000 in 2017 and was not covered by an employer ira, how much can I contribute to a new ira that will be tax-deductible on my 2017 tax returns?

Submitted: 1 month ago.Category: Tax
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3/15/2018
Tax Professional: Barbara, Enrolled Agent replied 1 month ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,796
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Based on the information you provided,

For 2017, your total contributions to all of your traditional and Roth IRAs cannot be more than:

  • $5,500 ($6,500 if you’re age 50 or older)

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-limits

If you are not covered by a retirement plan at work, your MAGI can be any amount and you can take the full deduction.

https://www.irs.gov/retirement-plans/2017-ira-deduction-limits-effect-of-modified-agi-on-deduction-if-you-are-not-covered-by-a-retirement-plan-at-work

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Customer reply replied 1 month ago
What would I benefit from a Roth IRA?
Tax Professional: Barbara, Enrolled Agent replied 1 month ago

Contributions to a Roth IRA are taxable when you make them.

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Tax Professional: Barbara, Enrolled Agent replied 1 month ago

Just following up with you to see if you have any other questions. If so, please let me know so I can continue to assist you.

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Barbara
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,796
5,796 Satisfied Customers
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.

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