Thanks for another good question. Yes, IRA contributions are based on Modified AGI, and filing status, other retirement plans, and earned income are some other important considerations.
Here is a link to the IRS:2016 IRA Contribution and Deduction Limits - Effect of Modified AGI on Deductible Contributions If You ARE Covered by a Retirement Plan at Work
Keep in mind that if/when you convert to a ROTH IRA from a traditional IRA. There are other considerations like taxes & holding period.
Here is a link to the IRS for conversion info: IRA FAQs - Rollovers and Roth Conversions
Keep in mind that if your future tax rate is the same or lower than your current tax rate, the ROTH may not benefit you very much.
As always, contact us directly to discuss your situation in greater detail. No obligation.
It's not what you make; it’s what you keep that determines your lifestyle. | 06.30.16 @ 20:03