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New Member
posted Mar 17, 2025 2:02:26 PM

I am filing Single, can I take both the standard deduction and an IRA contribution (to reduce taxable income)?

0 2 1881
2 Replies
Level 15
Mar 17, 2025 2:05:10 PM

Yes the IRA contribution is separate from schedule A deductions.  IRA goes on Schedule 1 line 20 which goes to 1040 line 10 before the Standard Deduction is subtracted.

Expert Alumni
Mar 17, 2025 2:06:58 PM

Yes.

 

In order to contribute to an IRA, you need to have earned income.

 

In you have a retirement at work, your ability to deduct your contribution depends on your Modified Adjusted Gross Income (MAGI).

 

Please read this IRS document for more information.