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Originally Posted by disneysteve
If you contribute to a non-deductible IRA, are the proceeds still taxed in retirement? If so, wouldn't you be paying taxes twice on the same money? Just curious, and it might apply to the OP.
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That's my understanding of the situation, which is why I'm willing to put money in a non-deductable IRA only if converting it to a Roth in 2010 is an option.
If a Roth conversion is not a viable option we'll probably just open a taxable account.
To answer your question, Sweepsplayer, we will be well over the limit, even after taking advantage of available tax shelters.