Can I contribute to my traditional ira if I made $100000 this year?
AI accountant’s answer:
Yes, you can contribute to a Traditional IRA if you made $100,000 this year. For the 2022 tax year, the contribution limit is $6,000 if you're under 50 years old or $7,000 if you're 50 or older. However, if you or your spouse are covered by a retirement plan at work, such as a 401(k), the deductibility of your Traditional IRA contributions may be subject to income limits.
For 2022, if you're covered by a workplace retirement plan, the deductibility of your Traditional IRA contributions starts to phase out at a Modified Adjusted Gross Income (MAGI) of $68,000 for single filers or $109,000 for married couples filing jointly. The deductibility phases out completely at a MAGI of $78,000 for single filers or $129,000 for married couples filing jointly.
If you don't have access to a workplace retirement plan, your Traditional IRA contributions are generally fully deductible regardless of your income level. If only your spouse has access to a workplace retirement plan, the deductibility of your IRA contributions starts to phase out at a MAGI of $204,000 and phases out completely at $214,000 for the 2022 tax year.
Correct.
Keeper’s AI Accountant V2
V2 is still a fine-tuned instance of GPT-4. Improvements over V1 include more comprehensive tax code embeddings, and a better chain-of-reasoning retrieval system.