- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
Yes, you can make a deductible Traditional IRA Contribution if you were under age 70 1/2 as of 12/31/18 and filing as Single or Head of Household.
However, if you are filing Married Filing Jointly and your spouse is covered by a employer sponsored retirement plan, the ability to make a deductible Traditional IRA Contribution phases out when your Modified Adjusted Gross Income is between $189,000 and $199,000.
If you are Married Filing Separately, the phaseout range is when your MAGI is between $0 and $10,000.
If qualified, you can contribute the lesser of $5,500 ($6,500 if over age 50) or your earned income.
‎June 1, 2019
11:19 AM