Yes, there are limitations for you to be able to contribute to an IRA plan. They are many factors that are a part of deciding how much you contribute to an IRA plan be deductible.
If you put your information into TurboTax it will tell you the amount you can contribute and deduct.
You do not want to over contribute because there is a 6% on overcontributions that are not withdrawn.
IRA Limits
- 2019 Individual Contribution Limit
- Traditional and Roth IRAs Under age 50 $6,000
- Age 50 or older $7,000
Traditional IRA Phaseouts
Taxpayer is covered by an employer retirement plan:
- MFJ $103,000 to $123,000
- Single, Head of Household $64,000 to $74,000
- MFS $0 to $10,000
Link to IRA Deduction Limits
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