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When IRA's are not tax deductible
I found out today that traditional IRA's are not always tax deductible. Basically, if you and your spouse have company sponsored retirement accounts the tax deductible option can be phased out or eliminated altogether. Which I find to be a major blow to anyone saving the most they can for their retirement years. So, if you have a retirement plan at work the government will basically inflict penalties on your contributions to a traditional IRA. What is the diligent retirement savor to do? Your options are to max out your company sponsored retirement plans, invest in a ROTH and even a regular brokerage account would be better then a non deductible IRA.
This link was very helpful
Using the "back door" ROTH contribution is helpful when your IRA is non deductible for the year.

Make your non deductible IRA contribution. It needs to be in it's own account and not combined with a previous IRA. Then make a ROTH IRA rollover for that account. This is popular with doctors and other high earners.
Thank you Chad...

However my wife and I are at the lower end of that high income bracket, we make too much to make tax deductible IRA contributions but don't make too much where we can't contribute to a ROTH IRA.

I did do a non-taxable event to a Rollover IRA from my company sponsored kplan last summer...I completely forgot about the Backdoor ROTH conversion. My mistake!

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