A fresh look at IRAs including deductible, non-deductible and ROTH options. People may not realize that if you are already a participant in an employer plan and are over the income thresholds to fund a deductible IRA, you can still fund one without taking the deduction. This is called a non-deductible IRA and it generates “basis” in the IRA which can later be converted to ROTH or reduce the taxable portion of future distributions from your IRA. Also, do not forget about the opportunity of a spousal IRA for those with working spouses whereby you can fund your own IRA based on the working spouse’s earnings within certain income limitations. The deadline for funding 2020 IRA and ROTH accounts is May 17, 2021 this year because of the filing extension. Ask your advisor for more information.