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New Member
posted Apr 14, 2025 4:58:38 PM

How is it determined how much you can contribute to a traditional IRA for deduction purposes?

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1 Replies
Expert Alumni
Apr 14, 2025 5:47:34 PM

Here are more details on how your contribution to a traditional IRA is determined for deduction purposes:

 

If you or your spouse are Not Covered by a Retirement Plan at Work: Full deduction regardless of income

 

Retirement Plan at Work: If you or your spouse are covered by a retirement plan at work, your deduction may be limited based on your income.  - Click here to see income limits

 

Contribution Limits: The IRS sets annual limits on how much you can contribute to your IRA. For 2024,  IRA contribution limits; $7,000 ($8,000 if you're age 50 or old

 

For more comprehensive information, you can refer to the IRS guidelines

For more details, you can check the IRS guidelines and TurboTax tip