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My AGI is $220k. Can I deduct any IRA contributions? Any…

my AGI is $220k. Can...
my AGI is $220k. Can I deduct any IRA contributions? Any other type of contributions I can make or accounts I can open?
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Answered in 2 minutes by:
3/22/2018
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,360
Experience: Taxes, Immigration, Labor Relations
Verified

If you are NOT covered by the retirement plan at work - yes - you may deduct traditional IRA contribution.

If you are covered - deduction would not be allowed.

Other contributions are possible if you have self-employment income.

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Customer reply replied 5 months ago
Okay so what if i was self employed. Is opening a self employed 401k the best way to optimize my retirement plan? If not what is?

If you are self-employed - we still have time to make contribution into retirement plan and deduct that contribution.

If not - IRA is the only option we have.

Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,360
Experience: Taxes, Immigration, Labor Relations
Verified
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