I am 77 years old and was told the IRA I purchased for $3000 would be tax deductible for 2019 which is when I purchased it.

I am an independent contractor not an employee

posted

I don't know who told you that but they were incorrect.

Only Traditional IRA contributions can be deductible, but if you ware age 70 1/2 or older in 2019 then you are probated from contributing to a Traditional IRA at all. You could contribute to a Roth IRA but that is NOT deductible.

(Note that for 2020 and later contributions the 70 1/2 age limit has been eliminated for contributions but if you own a Traditional IRA then you must take a yearly RMD (Required Minimum Distribution).

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**