Question

For tax year 2019 I contributed $2,500 each in my Traditional and Roth IRA's. My Traditional basis if $10,987 and my Roth basis is $10,000. On my tax return I want to claim the maximum deductible on my Traditional and any balance to my Roth. What will be my maximum amount for Traditional IRA?

Answer 1

If traditional IRA contribution is up to $6000 which is limit on contribution to IRA's and extended $1000 if he is older than 50 years age.

Some provisions we should be go through, stated below;

-traditional IRA contributions are allowed for deduction for the same year of contribution to it.,

But Roth IRA contributions doesn't allowed for the deduction in the same year.

-the maximum amount of deduction can be allowed fully(with no retirement plan at work that to up to $6000) to the extent of traditional IRA contribution made during the year irrespective of their income level.

@now come to the given problem,

Here we can the get in the light of above stated provisions

#the maximum amount of deduction can be allowed for traditional IRA is only $2500.

Thank you:-)

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