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Traditional Ira deposit for 2019 by July 15, will the following affect taxes on future withdrawals on ira?

Forum|Forum|5 years ago
July 4, 2020
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2019 IRA Deduction Limits - Effect of Modified AGI on Deduction if You Are Covered by a Retirement Plan at Work

Hello, I read about this above & it concerned me that if I do open a *Trad. IRA by July 15 to offset more tax 'AND' I do have an employer-sponsored Pension plan that they solely contribute to, will my planned *Trad Ira "still" have future non-taxed distributions? Thanks so much! Happy 4th!

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Best answer by Critter-3

The deductibility of the IRA contribution may be limited since you have a retirement plan at work ... see the chart here :

See these IRS IRA deduction limit charts.

If *you* are covered by a retirement plan:
https://www.irs.gov/Retirement-Plans/2015-IRA-Deduction-Limits-Effect-of-Modified-AGI-on-Deduction-if-You-Are-Covered-by-a-Retirement-Plan-at-Work

If you are *not* covered but your spouse is:
https://www.irs.gov/Retirement-Plans/2015-IRA-Deduction-Limits-Effect-of-Modified-AGI-on-Deduction-if-You-Are-NOT-Covered-by-a-Retirement-Plan-at-Work

Critter-3Answer

The deductibility of the IRA contribution may be limited since you have a retirement plan at work ... see the chart here :

See these IRS IRA deduction limit charts.

If *you* are covered by a retirement plan:
https://www.irs.gov/Retirement-Plans/2015-IRA-Deduction-Limits-Effect-of-Modified-AGI-on-Deduction-if-You-Are-Covered-by-a-Retirement-Plan-at-Work

If you are *not* covered but your spouse is:
https://www.irs.gov/Retirement-Plans/2015-IRA-Deduction-Limits-Effect-of-Modified-AGI-on-Deduction-if-You-Are-NOT-Covered-by-a-Retirement-Plan-at-Work

12R7Author

Critter- 3, You are awesome to have quickly replied. I really appreciate your help!

I hope you have a great weekend!

Thanks so much! God bless you!

Psalms 91