You are currently viewing Cut your income tax bill by contributing to a deductible traditional IRA

Cut your income tax bill by contributing to a deductible traditional IRA

If you have to meet one or more of these financial conditions YOU will get the full tax deduction for your 2015 traditional IRA contribution.

*If you are not eligible to participate in a workplace retirement plan.

*If you are eligible to participate in a workplace retirement plan, but you are a single filer or head of household with modified adjusted gross income of $61,000 or less. (Or if you file jointly with your spouse, your combined MAGI is $98,000 or less.)

*If you are not eligible to participate in a workplace retirement plan, but your spouse is eligible and your combined 2015 gross income is $183,000 or less.

*If you are the original owner of a traditional IRA, by law you must stop contributing to it starting in the year you turn 70½. If you are the initial owner of a Roth IRA, you can contribute to it as long as you live provided you have taxable compensation and MAGI below a certain level.

If you are ready to get started I can help! Email me at info@ashoksanghavi.com

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