@21norman02 wrote:
Also, is there a limit on income (retirement income) that would preclude the deduction?
You must have compensation, which generally means income earned from providing goods or services (although there are rare exceptions). This would be a W-2 job, schedule C self-employment, or partnership income subject to self-employment tax. You can contribute up to $7000 for yourself and your spouse, or up to the amount of your compensation, whichever is less. Your ability to take a tax deduction for your contributions is subject to the same income rules as any other person—there are no special rules if you are over 72 or collecting social security, but the normal rules still apply.
https://www.irs.gov/retirement-plans/ira-deduction-limits
