You're right on non-deductible

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Hoke

But without the deduction it's a less appealing option

Posted: 04/28/2022 at 03:46 PM ET

(In response to this post by vt90)

Thread Replies (25)

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Trying to make sure I'm not screwing up my retirement contributions -- Tafkam Hokie Apr 28, 2022 at 03:14 PM ET

Tafkam Hokie • 04/28/22 03:14 PM ET

The answer is "No, they don't." -- HokieJay Apr 28, 2022 at 05:56 PM ET

HokieJay • 04/28/22 05:56 PM ET

Donâ€™t forget to maximize your HSA if you qualify -- beancounter77 Apr 28, 2022 at 04:27 PM ET

beancounter77 • 04/28/22 04:27 PM ET

I max mine every yr, my company seeds it with $4600 and I do the rest. Pay -- B777Fr8Dog Apr 28, 2022 at 08:04 PM ET

B777Fr8Dog • 04/28/22 08:04 PM ET

(a) I don't have an HSA, and (b) when I have had one, it's always been a -- Tafkam Hokie Apr 28, 2022 at 04:35 PM ET

Tafkam Hokie • 04/28/22 04:35 PM ET

Moot point if youâ€™re not eligible, but just FYI next time, you donâ€™t -- beancounter77 Apr 28, 2022 at 08:12 PM ET

beancounter77 • 04/28/22 08:12 PM ET

If you use a non employer plan, I'm guessing -- Tafkam Hokie Apr 28, 2022 at 09:44 PM ET

Tafkam Hokie • 04/28/22 09:44 PM ET

Correct, you will get a contribution tax form at the end of the year and -- beancounter77 Apr 28, 2022 at 10:24 PM ET

beancounter77 • 04/28/22 10:24 PM ET

I am fairly confident the traditional IRA and 401k contributions ... -- vt90 Apr 28, 2022 at 03:17 PM ET

vt90 • 04/28/22 03:17 PM ET

Did you know that a Roth IRA doesn't just collect money and you have to -- Hurley09 Apr 28, 2022 at 04:03 PM ET

Hurley09 • 04/28/22 04:03 PM ET

Oof, that's rough. At least you aren't 50 and finding that out.** -- hoosnowahokie Apr 28, 2022 at 04:09 PM ET

hoosnowahokie • 04/28/22 04:09 PM ET

LOL ... yep, I don't know much but I knew that.** -- vt90 Apr 28, 2022 at 04:05 PM ET

vt90 • 04/28/22 04:05 PM ET

I didn't know that. I though it was an "either, or" proposition. -- EDGEMAN Apr 28, 2022 at 03:49 PM ET

EDGEMAN • 04/28/22 03:49 PM ET

Let me rephrase ... -- vt90 Apr 28, 2022 at 03:52 PM ET

vt90 • 04/28/22 03:52 PM ET

Roth contributions are non-deductible, but all earnings are tax free. -- EDGEMAN Apr 28, 2022 at 03:59 PM ET

EDGEMAN • 04/28/22 03:59 PM ET

Right, but as Hoke points out below ... -- vt90 Apr 28, 2022 at 04:02 PM ET

vt90 • 04/28/22 04:02 PM ET

Also there is an income cap for IRA contributions -- Hoke Apr 28, 2022 at 03:35 PM ET

Hoke • 04/28/22 03:35 PM ET

Roth IRA also has income limits. -- Tank Apr 28, 2022 at 04:13 PM ET

Tank • 04/28/22 04:13 PM ET

Unless your 401k plan permits AT contributions to backdoor Roth IRA. -- Fatman Apr 28, 2022 at 04:29 PM ET

Fatman • 04/28/22 04:29 PM ET

Income cap is not an issue. I just have no debt, no mortgage -- Tafkam Hokie Apr 28, 2022 at 04:04 PM ET

Tafkam Hokie • 04/28/22 04:04 PM ET

I don't believe there is an income limit for non-deductible traditional IRA -- vt90 Apr 28, 2022 at 03:40 PM ET

vt90 • 04/28/22 03:40 PM ET

You're right on non-deductible ◄ -- Hoke Apr 28, 2022 at 03:46 PM ET

Hoke • 04/28/22 03:46 PM ET

True ... only benefits are that I am volume saving ... -- vt90 Apr 28, 2022 at 03:48 PM ET

vt90 • 04/28/22 03:48 PM ET

She can spend it, but you incur an additional penalty. -- EDGEMAN Apr 28, 2022 at 03:50 PM ET

EDGEMAN • 04/28/22 03:50 PM ET

Nice work Andy Dufrene. ** -- GreenvilleVT Apr 28, 2022 at 07:50 PM ET

GreenvilleVT • 04/28/22 07:50 PM ET

She's smarter than that and she wants to retire too.** -- vt90 Apr 28, 2022 at 03:53 PM ET

vt90 • 04/28/22 03:53 PM ET