IRA deduction limit IF you have 401k or other retirement accounts. | FinTips
Вставка
- Опубліковано 7 жов 2024
- Today we're covering the income limits for getting the full deduction on your traditional IRA contributions. We'll look at the income limits if you have a 401k at work as well as if your spouse has a 401k or other workplace retirement account.
Link to calculate MAGI:
www.irs.gov/pu...
We're an investing service that also helps you keep your dough straight. We'll manage your retirement investments while teaching you all about your money.
--Ready to subscribe--
www.youtube.co...
For more information visit:
www.jazzwealth...
--- Instagram @jazzWealth
--- Facebook
/ jazzwealth
--- Twitter @jazzWealth
Business Affairs 📧Support@JazzWealth.com
Great info! The backdoor conversion takes care of Roth issues. It's been great for me, because I want most of my investments to be tax free when I withdraw.
Whoo! That jazzercise music really pumps me up!!!
Why would anyone contribute to an IRA if you don’t get a deduction?
Thank you
Thanks Dustin great info !!
What if you make more than 124K. But you reduce your yearly income from a 401K? To be within the 104-124k
That hand i just noticed
Just a reminder that it is if a 401k is AVAILABLE at your/your spouses workplace, not necessarily if you contribute to it. Great video Dustin!
Great video!! 8/10 your AGI will equal your MAGI.
what percentage is the partial deduction if you are over
When you say 401K, you mean is the same when you say Traditional IRA? Or Traditional IRA is totally different than 401K?
What if you and your spouse both have 401k?
do you have a video on how to look at an account in folio and understand what's going on? thanks
Yep! In the dough-jo just search folio and there are a few ;)
So when making your calculations, are the amounts off of one spouse or both? Or each limits are off that particularly sole spouse's income?
Example: I make $125,000 and have a pension, spouse makes $30,000 and has no retirement offered. Total AGI is $155,000.
Who can deduct?
Does that mean that post-tax contributions into a traditional IRA are double taxed after take it out in retirement?
If you don’t move or do back door IRA or claim non contribution. By the time you retire they will tax the distribution again.
NO NO NO!!!!! I was hoping you would Not say that. I was contributing to lower my taxable income level. Need a new plan to pay less Taxes. 🛠⚙ Nevertheless, GREAT video Dustin! 👏👏😇 None of the big guys are telling us this info 🥵
content = great; closing montage.........just no. :)
🌟👍👍💫💫💫💫💫
Ya'll need some hot girls doing jazzersize while your music is playing like in the 90's. Builds good relationships with your clients