nondeductible contributions to traditional IRA
Have contributions to traditional IRAs always been subject to the nondeductibility tests of other pension coverage and income levels?
Have contributions to traditional IRAs always been subject to the nondeductibility tests of other pension coverage and income levels?
Permalink Submitted by Alan Spross on Mon, 2007-08-20 20:20
Not always. All distributions were deductible until 1987, which was the first year non deductible contributions could be made to a TIRA, documented on Form 8606. Along the way, the definition of a covered participant was tweaked a few times, and the MAGI limit has been increased more rapidly in the last few years.
Permalink Submitted by [email protected] on Mon, 2007-08-20 20:25
Thanks so much – I thought that was the case, but I couldn’t find it documented.