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newtoyou
Level 1
March 1, 2022
Question

If client has a MAGI over $125,000 from pensions and investments, and has a small business, is he still allowed an IRA deduction?

  • March 1, 2022
  • 2 replies
  • 7 views
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2 replies

IRonMaN
IRonMaN
Level 15
March 1, 2022

He needs earned income to qualify for an IRA contribution.

Slava Ukraini!
    qbteachmt
    qbteachmt
    Level 15
    March 1, 2022

    "and has a small business, is he still allowed an IRA deduction"

    How small is Small? Is that already in the MAGI? Is there an SEP plan? The IRS has some great resources:

    https://www.irs.gov/retirement-plans/2021-ira-deduction-limits-effect-of-modified-agi-on-deduction-if-you-are-covered-by-a-retirement-plan-at-work

    https://www.irs.gov/retirement-plans/2021-ira-deduction-limits-effect-of-modified-agi-on-deduction-if-you-are-not-covered-by-a-retirement-plan-at-work

     

    A helpful suggestion: Next time you start a topic, it would be helpful to use the Title for Title, and put the content in the input panel.

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