UPDATED FOR TAX YEAR 2019
Contributions to a Roth IRA are not deductible on your tax return, just contributions to traditional IRA.
Only contributions to a traditional IRA can be deducted on your return. For 2019, the most that can be contributed to your traditional IRA generally is the smaller of the following amounts:
- $6,000 ($7,000 if you are age 50 or older), or
- Your taxable compensation for the year.
Your traditional IRA contributions may be tax-deductible. The deduction may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels.
For more information, please see these IRA publications:
[Edited | 3/17/2020 | 1:30pm PDT]
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