Personal Investments • IRA contribution to lower MAGI?

Good morning,
I was hit with a second tier IRMMA charge this year and am looking for a way to lower my MAGI this year. Here are the numbers:
Age – 73 (74 in the last quarter)
Traditional IRA taking RMD – expect this year to be ~ 40k
Mostly retired taking SS and have a small pension
I have an LLC and gross around $24k annually
Over the income limit to contribute to my Roth IRA

Questions:
1.Can I contribute to my traditional IRA ($8k this year) from my LLC earnings to lower my MAGI?
2.Should I do this?

Thanks to all the experts out there.

Statistics: Posted by Exeter — Sun Mar 10, 2024 6:49 am — Replies 1 — Views 152

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