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New Member
posted Apr 8, 2025 1:35:16 PM

If I open a solo IRA do I get a deduction on my taxes Is there a minimal amount I can put into the IRA

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1 Replies
Expert Alumni
Apr 8, 2025 1:43:46 PM

It depends. Without knowing your specific tax situation, I'm unable to determine what you may be able to deduct. You may be able to make an IRA contribution for 2024 that is deductible.  It depends on your filing status, your eligibility to contribute to an employer-sponsored  retirement plan ( 401(k) or 403(b), and your Modified Gross Income (MAGI). 

 

For 2024, the total contributions you make each year to all of your traditional IRAs and Roth IRAs can't be more than:

  • $7,000 ($8,000 if you're age 50 or older), or
  • If less, your taxable compensation for the year

 

Refer to IRS Retirement topics - IRA contribution limits for more information.

 

For more information, review the TurboTax articles Deductions Allowed for Contributions to a Traditional IRA and How much of my Traditional IRA contribution is deductible in 2024?