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You can contribute to a Traditional IRA, as long as you have earned income and you are under the age of 70 and 1/2. For a Traditional IRA contribution, once you reach the year in which you turn age 70 ½ you are no longer eligible to make a contribution.
For any Traditional IRA deduction, to reduce your tax liability it depends on your filing status, your income, and if you or your spouse is covered by a retirement plan with your Employer (in your case you are covered by an employer). If you do, there are a couple of possibilities. If you (and a jointly-filing spouse) didn’t contribute to an employer-sponsored retirement plan, like a 401 (k), or self-employed retirement plan your entire Traditional IRA contribution is deductible.
But if you (and/or your jointly-filing spouse) contributed to an employer-sponsored or self-employed retirement plan in 2017, the amount you can deduct will depend on your tax filing status and modified adjusted gross income (MAGI).
Note that if your MAGI is:
Here are the MAGI phase-out ranges for tax year 2017 if you participated in another retirement plan:
If you didn't participate in another retirement plan, but your spouse did, and you're:
The most you can contribute to all of your Traditional IRA is the smaller of:
The deadline to make 2017 IRA contributions is until April 17, 2018.
You can contribute to a Traditional IRA, as long as you have earned income and you are under the age of 70 and 1/2. For a Traditional IRA contribution, once you reach the year in which you turn age 70 ½ you are no longer eligible to make a contribution.
For any Traditional IRA deduction, to reduce your tax liability it depends on your filing status, your income, and if you or your spouse is covered by a retirement plan with your Employer (in your case you are covered by an employer). If you do, there are a couple of possibilities. If you (and a jointly-filing spouse) didn’t contribute to an employer-sponsored retirement plan, like a 401 (k), or self-employed retirement plan your entire Traditional IRA contribution is deductible.
But if you (and/or your jointly-filing spouse) contributed to an employer-sponsored or self-employed retirement plan in 2017, the amount you can deduct will depend on your tax filing status and modified adjusted gross income (MAGI).
Note that if your MAGI is:
Here are the MAGI phase-out ranges for tax year 2017 if you participated in another retirement plan:
If you didn't participate in another retirement plan, but your spouse did, and you're:
The most you can contribute to all of your Traditional IRA is the smaller of:
The deadline to make 2017 IRA contributions is until April 17, 2018.
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