If you have a retirement plan at work, you can take only a partial deduction for your IRA contributions, when your income exceeds certain limits. Use Form 8606 to report distributions from your Roth IRA, a traditional IRA, a SEP IRA, or a SIMPLE IRA at any time after you have made n...
The problem with most other defined benefit plans such as a 401(k) plan are the contribution limits. The maximum deductible 401(k) contribution is listed in the table below: The benefit of using a cash balance plan is the ability to contribute substantially more to a qualified retirement pens...
You can make a partial contribution if your MAGI falls within the applicable range, but no contribution if it exceeds the top of the range. (Note: Married taxpayers filing separately are subject to much lower phaseout ranges for both traditional and Roth IRAs.) ...