IRA deduction limit IF you have 401k or other retirement accounts. | FinTips

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  • 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...
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КОМЕНТАРІ • 27

  • @roburb73
    @roburb73 3 роки тому +4

    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.

  • @PhinAI
    @PhinAI 3 роки тому +1

    Whoo! That jazzercise music really pumps me up!!!

  • @fredflintstone2234
    @fredflintstone2234 6 місяців тому

    Why would anyone contribute to an IRA if you don’t get a deduction?

  • @GUDDAisHere
    @GUDDAisHere Рік тому

    Thank you

  • @brucesmith6868
    @brucesmith6868 3 роки тому

    Thanks Dustin great info !!

  • @marcuscallahan4645
    @marcuscallahan4645 3 роки тому +2

    What if you make more than 124K. But you reduce your yearly income from a 401K? To be within the 104-124k

  • @clemente22021
    @clemente22021 3 роки тому +1

    That hand i just noticed

  • @sf7234
    @sf7234 3 роки тому

    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!

  • @Jantonio82
    @Jantonio82 3 роки тому

    Great video!! 8/10 your AGI will equal your MAGI.

  • @nastynate4481
    @nastynate4481 Рік тому

    what percentage is the partial deduction if you are over

  • @efrainvega71168
    @efrainvega71168 Рік тому

    When you say 401K, you mean is the same when you say Traditional IRA? Or Traditional IRA is totally different than 401K?

  • @marttyd
    @marttyd Рік тому

    What if you and your spouse both have 401k?

  • @johnsmith-dm2tq
    @johnsmith-dm2tq 3 роки тому

    do you have a video on how to look at an account in folio and understand what's going on? thanks

    • @Jazzwealth
      @Jazzwealth  3 роки тому

      Yep! In the dough-jo just search folio and there are a few ;)

  • @tony33461
    @tony33461 2 роки тому

    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?

  • @coleboonecustoms
    @coleboonecustoms 3 роки тому

    Does that mean that post-tax contributions into a traditional IRA are double taxed after take it out in retirement?

    • @sherlynp2996
      @sherlynp2996 3 роки тому

      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.

  • @carlosswinger6561
    @carlosswinger6561 3 роки тому

    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 🥵

  • @1234Krank1234
    @1234Krank1234 3 роки тому

    content = great; closing montage.........just no. :)

  • @dmetaethic101dmetaethic
    @dmetaethic101dmetaethic 3 роки тому

    🌟👍👍💫💫💫💫💫

  • @troytimmons5808
    @troytimmons5808 3 роки тому

    Ya'll need some hot girls doing jazzersize while your music is playing like in the 90's. Builds good relationships with your clients