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re: Traditional IRA contribution limits?
Posted on 2/14/10 at 10:23 am to agdoctor
Posted on 2/14/10 at 10:23 am to agdoctor
quote:
traditional IRS's are only deductible if you earn around 40-50k per year. Roth IRA would be a better choice if you cant deduct and the limits are over 100k
Actually, this is where an HSA does better. So far as I know there is no income limit affecting whether the contribution is deductible. The contribution limit is lower though.
But you can contribute to both without any problem if you have the funds to do so. If you're healthy and don't have significant medical expenses you can pay for that out of pocket while maxing out both your IRA and your HSA.
1
Posted on 2/15/10 at 2:07 pm to foshizzle
It used to be you could deduct 100% of traditional IRA's up to 410k of income and then the amount declined until at 50K none was deductible. that was before Roth IRA's so it could have changed. You could always put the money in you just couldnt deduct
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