DavidD66
Expert Alumni

Deductions & credits

If you are covered by a retirement plan at work, are single (or head of household), you cannot deduct an IRA contribution if your income is more than $75,000.  The amounts have increased slightly over the past several years, but that rule has been in place for a while.

 

Withdrawals from a traditional IRA are taxable, but the portion of it that is an after tax contribution is not taxable.

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