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Get your taxes done using TurboTax
Yes, To qualify for the full annual IRA deduction in 2020, you must: not be eligible to participate in a company retirement plan, or if you are eligible, you must have adjusted gross income of $65,000 or less for singles, or $104,000 or less for married couples filing jointly.
In addition, if you haven't already funded your retirement account for 2020, do so by April 15, 2021. That's the deadline for contributions to a traditional IRA, deductible or not, and to a Roth IRA.
March 17, 2021
2:34 PM