💰 𝐂𝐀𝐍 𝐘𝐎𝐔 𝐇𝐀𝐕𝐄 𝐀 𝟒𝟎𝟏(𝐤) 𝐀𝐍𝐃 𝐀𝐍 𝐈𝐑𝐀? 𝐘𝐄𝐒!

A workplace retirement plan does not block IRA contributions. You can fund both—but income affects your tax benefits.For 2026, Traditional IRA deductions phase out at  $𝟖𝟏,𝟎𝟎𝟎–$𝟗𝟏,𝟎𝟎𝟎 𝐟𝐨𝐫 𝐬𝐢𝐧𝐠𝐥𝐞𝐬 𝐚𝐧𝐝 $𝟏𝟐𝟗,𝟎𝟎𝟎–$𝟏𝟒𝟗,𝟎𝟎𝟎 𝐟𝐨𝐫 𝐜𝐨𝐯𝐞𝐫𝐞𝐝 𝐦𝐚𝐫𝐫𝐢𝐞𝐝 𝐜𝐨𝐧𝐭𝐫𝐢𝐛𝐮𝐭𝐨𝐫𝐬. If only your spouse is covered, your deduction phases out at  $𝟐𝟒𝟐,𝟎𝟎𝟎–$𝟐𝟓𝟐,𝟎𝟎𝟎.No deduction? You may still contribute—just file Form 8606 to prevent double taxation. 📈 𝐓𝐡𝐞 𝐂𝐚𝐫𝐫 𝐑𝐞𝐩𝐨𝐫𝐭: 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐀𝐝𝐯𝐢𝐜𝐞 𝐘𝐨𝐮 𝐂𝐚𝐧 𝐁𝐚𝐧𝐤 𝐎𝐧!𝐍𝐞𝐞𝐝 𝐚 𝐌𝐨𝐧𝐞𝐲 𝐂𝐨𝐚𝐜𝐡 𝐭𝐨 𝐡𝐞𝐥𝐩 𝐲𝐨𝐮 𝐆𝐞𝐭 𝐀 𝐆𝐫𝐢𝐩 𝐎𝐧 𝐘𝐨𝐮𝐫 𝐌𝐨𝐧𝐞𝐲? 𝐇𝐢𝐭 𝐦𝐞 𝐮𝐩!✍🏾 Damon Carr, Financial Planner, Money Coach, Tax Pro & Real Talk Specialist.#RetirementPlanning #IRA #401k