Can I still contribute extra to my IRA prior to April 15 2020 and lower my taxes this year

Can I still contribute to my IRA prior to April 15, 2020 and lower my taxes this year?

posted

Yes, if you meet the requirements to have the contribution tax deductible.

If you are Single, covered by a retirement plan at work and your income is over $64,000 then you are limited on your deduction made to an IRA account.

If you are Married Filing Joint, covered by a retirement plan, at work the income limit is $103,000. If only your spouse is covered by a retirement plan at work then the income limit is $193,000

If you are Single, not covered by a retirement plan at work then you can take the full deduction.

If you are Married Filing Joint, you and your spouse are not covered by a retirement plan at work you can take the full deduction for a contribution to an IRA account.

Table for IRA deduction if covered by a retirement plan

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