In this article, I am revisiting my article, “Does it pay to make the maximum tax-deductible contribution?”, published in Personal Finance on June 5, 2023. In that article, I highlighted the benefits, ...
Q. Hi Dan. In your last column you wrote about “… a rather infamous provision dubbed the ‘pro-rata rule.’” One of my IRAs is non-deductible, so I need to know what that is and why it’s infamous. Can ...
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Will you be able to deduct your IRA contributions next year? For some, the answer is no.
The IRS prevents some high earners from deducting their traditional IRA contributions. It depends on income and whether you or your spouse is an active participant in a workplace retirement plan. You ...
Non-deductible IRA contributions can create serious headaches. Learn how a reverse rollover can avoid the pro-rata rule, simplify recordkeeping, and prevent double taxation. The regular rollover ...
People who are too wealthy to qualify for either a deductible individual retirement account (IRA) or a Roth IRA have the option of contributing to a non-deductible IRA. Assuming they meet the basic ...
Q. Hi Dan. I’m looking at making an IRA contribution for 2023 for my wife. We are both in our 40s. I save in a 401(k) but my tax software is saying I can’t deduct any of the contribution for her. I ...
You save money in your traditional IRA because you want to be able to retire comfortably someday, but you also want the tax break you get today for making contributions. That could result in a nice ...
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