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Deductions & credits
The person who is NOT coved by an employer retirement plan can deduct their Traditional IRA if the AGI is under $218,000.
However, the person who IS covered by an employer retirement plan is subject to the lower income limit. They can still contribute to a Traditional IRA, but it would not be deductible (although I generally don't recommend making non-deductible Traditional IRA contributions).
‎February 15, 2024
4:54 PM
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