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Fd515
February 2, 2025
Question

why cant I make a catch up to my IRA

  • February 2, 2025
  • 1 reply
  • 0 views
I would like to take advantage of the $7000 allowance to add to my IRA/401k and it says my MAGI is too high

    1 reply

    M
    MinhT1
    February 2, 2025

    If you have a retirement plan at work such as a 401(k) plan, then depending of your filing status and your modified MAGI, your Traditional IRA deduction may be reduced or eliminated.

     

    Please read this IRS document for more information.

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