supersaver
Confused about dryer sheets
- Joined
- Mar 16, 2007
- Messages
- 4
My employer has a 401k option that I put money into each month. I have read that if you make more than $60,000 a year and have an employer sponsored retirement plan, like I do, that you cannot tax-deduct any contributions to an IRA.
Is this true? Does this make a traditional IRA worthless for me? I can see why a Roth would still be useful, since it is after-tax money in the first place.
What are the benefits of putting money into an IRA account if it is not deductible, as opposed to say putting it into a regular brokerage account? Thanks.
Is this true? Does this make a traditional IRA worthless for me? I can see why a Roth would still be useful, since it is after-tax money in the first place.
What are the benefits of putting money into an IRA account if it is not deductible, as opposed to say putting it into a regular brokerage account? Thanks.