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It depends. You might not be able to deduct all of your traditional IRA contributions if you or your spouse participates in another retirement plan at work. That’s because the deduction is phased out if your income exceeds certain levels. See these links to see charts showing how the income limits would apply to you.
Traditional IRA Basis is the amount of nondeductible contributions that you've made over the time that you've had it.
It depends. You might not be able to deduct all of your traditional IRA contributions if you or your spouse participates in another retirement plan at work. That’s because the deduction is phased out if your income exceeds certain levels. See these links to see charts showing how the income limits would apply to you.
Traditional IRA Basis is the amount of nondeductible contributions that you've made over the time that you've had it.
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