We Make Money Easy Episode 16 – IRA Income Limits

We Make Money Easy Episode 16 – IRA Income Limits

Phil and Andre talk about the options available if you’ve exceeded the income limit for being able to make an IRA contribution

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Show Notes:

If your taxable income is over $112,000 you are not able to make a tax deductible contribution to a Traditional IRA, and if you make over $183,000, you are not eligible to make a tax deductible contribution to a Roth IRA.

If you are self employed, you can take part in a SEP-IRA, which has different rules then a Traditional and Roth IRA.

This is probably a rare case for many people, if you need the deductions, you can look towards making a donation, or finding other deductions for the year. You can always invest the money you would have put in the IRA.

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