I have a few bucks in the bank and if I can invest it and claim a deduction that would be great, if I can, is there a limit if I make $100,000?
2007-12-31 08:31:44 · 3 answers · asked by Will H 2 in Business & Finance ➔ Taxes ➔ United States
After reading more, it looks like a Roth IRA isnt tax deductible, but is a standard IRA?
2007-12-31 08:42:18 · update #1
While a Roth isn't tax deductible, it grows tax free, which, to me, is a much better deal.
2007-12-31 08:45:48 · answer #1 · answered by linkin 2 · 0⤊ 0⤋
Contributions to ROTH IRAs are not deductible.
Contributions to a Traditional IRA are deductible but only if you make under a certain amount if you are covered by a 401k at work. $100k is over that about by a long shot.
2007-12-31 09:31:31 · answer #2 · answered by Wayne Z 7 · 0⤊ 0⤋
You can open IRA in addition to 401K. Roth is a non-deductible IRA. You can contribute to traditional IRA and deduct contributions if you are below certain income thresholds. Limits are based on a tax adjusted income. Read up on it at this link...........
http://www.kiplinger.com/columns/taxexperts/archive/2007/04/0403.html
2007-12-31 08:41:16 · answer #3 · answered by pumpdatiron 6 · 0⤊ 0⤋