Payroll taxes on IRA deposits

[countryphysician]

I plan to do another backdoor Roth IRA conversion next year. I am in an LLC Partnership and was wondering if I can contribute to my traditional IRA with pretax (prepayroll taxes as well) money straight from my partnership. It would count against my net income for the month on the ledger. I could then convert it to a Roth IRA and pay the federal income taxes when I file my taxes. That would eliminate payroll taxes correct?

[jfoxcpacfp]

You cannot deduct your personal TIRA from your business profits (or from your taxable income) if you earn over $119k (MFJ) or $72k (S or HOH) unless you have no retirement plan through your partnership.

[countryphysician]

thanks for the quick reply. How about non employer sponsored HSA deposits?

 

[jfoxcpacfp]

Opposite. HSA contributions have no such limitation and are always deductible for purposes of federal income taxation. You won't be able to avoid FICA taxes on personal contributions, though.