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Started By
Message
If I participate in a Roth 401K at work, can I deduct $ contributed to IRA?
Posted on 1/20/15 at 10:20 am
Posted on 1/20/15 at 10:20 am
I feel like this is a stupid question, but where better to ask a stupid question?
My 401k through my employer is a Roth. I contribute 5% of my income with 100% company match.
If I contribute $5500 to my traditional IRA, I can deduct the full amount, correct?
Thanks
My 401k through my employer is a Roth. I contribute 5% of my income with 100% company match.
If I contribute $5500 to my traditional IRA, I can deduct the full amount, correct?
Thanks
3
Posted on 1/20/15 at 10:49 am to LSU6262
As long as your income is not in or above the phase out deduction limits.
Posted on 1/20/15 at 10:53 am to LSU6262
I think for Roth IRA's you CAN'T deduct since you've already paid taxes on it. Am I wrong? Someone correct me if so.
Posted on 1/20/15 at 10:57 am to TDsngumbo
No Roth accounts are deductible.
Traditional IRA contributions are deductible up to $5500 per person, provided that you fall below the income ceiling. If your income is on the low end, you may qualify for an additional saver's credit.
Traditional IRA contributions are deductible up to $5500 per person, provided that you fall below the income ceiling. If your income is on the low end, you may qualify for an additional saver's credit.
Posted on 1/20/15 at 11:30 am to hungryone
So tell me this - and this is purely curiosity not being a smartass:
Why when I file my taxes with Turbotax, it tells me I'm not eligible for the deduction since my IRA is a Roth IRA?
Nevermind - I just re-read your post and realized I read it wrong.
Why when I file my taxes with Turbotax, it tells me I'm not eligible for the deduction since my IRA is a Roth IRA?
Nevermind - I just re-read your post and realized I read it wrong.
This post was edited on 1/20/15 at 11:31 am
Posted on 1/20/15 at 12:19 pm to LSU6262
Yes, you can.
Some serious reading comprehension issues in this thread.
Some serious reading comprehension issues in this thread.
Posted on 1/20/15 at 1:59 pm to hungryone
It would seem to me that since the income threshold is higher on the Roth IRA, that you would save traditional dollars in the 401k and Roth dollars in a Roth IRA. That way you don't have to worry about deductibility. My $0.02.
Posted on 1/20/15 at 2:09 pm to Hiphopapatamous
quote:
save traditional dollars in the 401k and Roth dollars in a Roth IRA.
Oy, why not confuse the terminology even more? A little knowledge is a dangerous thing.
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