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Can I Make a Deductible IRA Contribution?

Can I Make a Deductible IRA Contribution?

To help make the analysis easier, we have created the ”Can I Make A Deductible IRA Contribution?” flowchart. It addresses common factors affecting eligibility rules for traditional IRAs, including:

  • Earned income
  • Coverage under an employer plan
  • Other (Roth) IRA contributions
  • Filing status-based MAGI thresholds

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Can I make a Mega Backdoor Roth Contribution?

Can I make a Mega Backdoor Roth Contribution?

This flowchart considers:

  • The maximum amount that can be contributed
  • The impact of the ACP test
  • 401(k) plan-specific features providing in-service distributions and/or separate accounts
  • The tax impact upon rollover
  • The step-by-step process to complete this kind of contribution

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Can I make a Deductible Contribution to my HSA?

Can I make a Deductible Contribution to my HSA?

This flowchart considers:

  • The minimum deductible requirements for HDHP
  • The maximum out-of-pocket expense for HDHP
  • Contribution amounts
  • Impact if HDHP coverage starts or changes this year
  • Full Contribution Rule and Last-Month Rules
  • HSA and Medicare coordination

Download Flowchart

Your advisor has provided you access to this webpage to bring awareness of financial topics and educational talking points that typically arise when discussing your finances. If you would like to explore these ideas in more depth, use the form below to send your advisor a message!

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