Submitted by MosDefNoDoubt t3_z7xqa5 in personalfinance
thegelatoking t1_iy90b41 wrote
Reply to comment by TheBeatdigger in Best way to transfer current year traditional IRA contributions to a Roth IRA? by MosDefNoDoubt
There is a phase out of the amount you deduct from taxes if you have income in that range. Can't remember the specific math but if you're at $68K you can deduct only 5000, if $69K you can deduct only 4000, etc until it's completely phased out to cannot deduct any.
Business as usual if you don't have an employer 401k
PS not exact numbers because I can't remember...but example of how it works.
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