Simple IRA through work
The small company I worked for just started a simple IRA a couple years ago. I am maxing out at what I was told to be 13,000 per year (non taxable from my check). But can I still contribute to my traditional IRA and receive the tax benefit. I am 65 years old.
Terry Says
Here’s a great explanation from SOFI learn: SIMPLE IRA vs. Traditional IRA: Which Is Right For You? | SoFi
“Yes, it is possible for an individual to have both a SIMPLE IRA through their employer and also a Traditional IRA on their own — though they may not be able to deduct all of their Traditional IRA contributions. The IRS sets a cap on deductions per calendar year.
In 2023, single people with an AGI (adjusted gross income) of more than $73,000 are restricted to a partial deduction; those with AGI above $83,000 may not take a deduction at all. Married couples filing jointly with an AGI of $116,000 to $136,000 may take a partial deduction; those with AGI above $136,000 may not take a deduction at all.
In 2024, single people with an AGI (adjusted gross income) of more than $77,000 are restricted to a partial deduction; those with AGI above $87,000 may not take a deduction at all. Married couples filing jointly with an AGI of $123,000 to $143,000 may take a partial deduction; those with AGI above $143,000 may not take a deduction at all.”
