Is your Traditional IRA contribution tax deductible? The short answer is maybe. You are able to contribute to a Traditional IRA regardless of income (unlike the Roth IRA), but your contribution may not be tax deductible. This catches people off guard and also throws a wrench in the mix when you plan to do a Roth conversion or a Backdoor Roth IRA. In this video, I break down whether your IRA contribution is or is not tax deductible.
Ready to start investing or looking for financial advice:
**Disclaimer**
This video and channel and the information contained herein is not intended to be a source of advice or analysis with respect to the material presented, and the information and/or documents contained in this video and channel do not constitute investment advice…(read more)
LEARN MORE ABOUT: IRA Accounts
INVESTING IN A GOLD IRA: Gold IRA Account
INVESTING IN A SILVER IRA: Silver IRA Account
REVEALED: Best Gold Backed IRA
So if I make $30k a year and I did the $6000 in traditional and 2% of my check in 401k, how bad did I screw myself over?
A great video! Thanks for sharing.
Would it best to contribute to a brokerage account if you don't qualify for the deduction because with the brokerage you at least get the step up in cost basis
This needs more views man. Super important stuff! Imagine thinking your money was growing tax free this whole time… just subbed looking forward to more of your content man!
Thanks for the education for everyone! I enjoyed the video and stopped by to show my support!