Re: If client has a MAGI over $125,000 from pensions and investments, and has a small business, is he still allowed an IRA deduction?

newtoyou · ‎03-01-2022

IRonMaN · ‎03-01-2022

He needs earned income to qualify for an IRA contribution.

Slava Ukraini!

qbteachmt · ‎03-01-2022

"and has a small business, is he still allowed an IRA deduction"

How small is Small? Is that already in the MAGI? Is there an SEP plan? The IRS has some great resources:

A helpful suggestion: Next time you start a topic, it would be helpful to use the Title for Title, and put the content in the input panel.

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If client has a MAGI over $125,000 from pensions and investments, and has a small business, is he still allowed an IRA deduction?