- Everyone is eligible to make contributions to a traditional IRA, but a tax deduction for those contributions may not always be available.
- The IRS restricts who can claim a tax deduction for contributions to traditional IRAs based on various factors, such as income and employer-sponsored retirement plans.
- The IRS limits the amount you can deduct each year, and this amount is subject to change each tax year.
- The IRA deduction is an above-the-line deduction, meaning you can take it regardless of whether you itemize your deductions or claim the Standard Deduction.
This link may help you determine if you are eligible for a tax deductible IRA contribution:
- https://turbotax.intuit.com/tax-tips/investments-and-taxes/deductions-allowed-for-contributions-to-a...
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