Unsure if my tIRA deductible

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UpstateNY86
Posts: 174
Joined: Tue Dec 18, 2012 8:56 am

Unsure if my tIRA deductible

Post by UpstateNY86 » Wed Jul 31, 2019 6:55 am

I am thinking I will gross $80-85k this year. My 401k will be maxed out at 19k, and my weekly health premiums through work will total 12k. Will those deductions help me get into deductible territory? I am unsure if thats how it works(am I now at $49-54k)? Filing single.
Thanks

OnLevel
Posts: 47
Joined: Mon Feb 12, 2018 1:14 pm

Re: Unsure if my tIRA deductible

Post by OnLevel » Wed Jul 31, 2019 7:14 am

Deduction phase-out starts at 64k MAGI for single, so you'd be ok.


retiredjg
Posts: 39047
Joined: Thu Jan 10, 2008 12:56 pm

Re: Unsure if my tIRA deductible

Post by retiredjg » Wed Jul 31, 2019 7:16 am

Yep. You should be able to deduct your tiRA contribution.

Since you are filling a 401k, consider that Roth IRA could be a better choice because it gives you some tax diversification.

Are you sure about the insurance? That seems mighty expensive to me for a single person.

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