Originally Posted by
gskpbond
My wife and I make over $160,000 a year..will an IRA affect us?
Are you covered by a retirement plan at work? If yes, then you cannot deduct your IRA contributions if your adjusted gross income (AGI) is greater than $103K. If not, then your contributions to a traditional IRA are deductible. Alternatively, you are eligible for a Roth IRA if your AGI is less than $159K. Contributions to a Roth IRA are not deductible, but withdrawals are tax-free, so this is a good choice if either you don't qualify for the tax-deductible traditional IRA or if you think you'll be in a lower tax bracket when you retire.