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williamterefenko
New Member

If i opened an ira in 2016 is it tax deductable?

 
1 Reply
jerry2000
Alumni

If i opened an ira in 2016 is it tax deductable?

That depends on what kind of IRA it was. If a ROTH IRA, then, no none of the contribution is deductible. If a Traditional IRA, then it depends on how much income you had, whether you are covered by a retirement plan at work and other factors, You should carefully read the limits on IRA deductions in IRS Pub. 590-A at this link: http://www.irs.gov/pub/irs-pdf/p590a.pdf
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