Please note, the deduction of the traditional IRA may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels. If you cannot deduct the full amount because of your income then you will have a basis recorded on Form 8606. Please see IRA deduction limits for details.
Roth IRA contribution are also limited based on your filing status and Modified Adjusted Gross income (MAGI). Please see Amount of Roth IRA Contributions You Can Make for 2024 for details.
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