this post was submitted on 28 Oct 2023
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Personal Finance

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Do you basically get double taxed if you make non deductable contributions to a traditional ira? Why do it? (endlesstalk.org)
submitted 1 year ago by aredditimmigrant@endlesstalk.org to c/personalfinance@lemmy.ml
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In the US, if you make a lot, are covered by a work retirement account or you contribute to a Roth, you can't deduct traditional ira contributions right?

So that money gets added to the rest of your traditional ira monies right? and then when you hit retirement age, you have to pay income level taxes on deductions on that already post tax money right?

Why get taxed twice? What's the benefit? +Not being able to touch it til retirement age.

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[–] specialdealer@lemm.ee 4 points 1 year ago

This is the real answer to the question given the nuance in the question of “if you make a lot”