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?...
The only reason to use a Traditional IRA and not a normal brokerage account is so you can backdoor it into a Roth IRA. Since you can’t make Roth IRA contributions when you are above a certain income limit, but you can roll over a Traditional IRA into a Roth IRA, this let’s you avoid taxes on the growth of the account.
Do you basically get double taxed if you make non deductable contributions to a traditional ira? Why do it?
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?...