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New Member
posted Jun 1, 2019 10:55:51 AM

If I put money into an IRA account can I write that off? And if so what is the deadline to get the write-off for 2018?

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1 Best answer
Expert Alumni
Jun 1, 2019 10:55:53 AM

Yes, if you contribute to a traditional IRA you can claim a deduction on your tax return. You can contribute to the traditional IRA for the year 2018 until the due date of the tax return (April 15). Your deduction may be limited if you (or your spouse, if you are married) are covered by a retirement plan at work and your income exceeds certain levels. Please, see IRA deduction limits for more details.


For  2018, your total contributions to all of your traditional and Roth IRAs cannot be more than:

  • $5,500 ($6,500 if you’re age 50 or older), or
  • your taxable compensation for the year, if your compensation was less than this dollar limit.

1 Replies
Expert Alumni
Jun 1, 2019 10:55:53 AM

Yes, if you contribute to a traditional IRA you can claim a deduction on your tax return. You can contribute to the traditional IRA for the year 2018 until the due date of the tax return (April 15). Your deduction may be limited if you (or your spouse, if you are married) are covered by a retirement plan at work and your income exceeds certain levels. Please, see IRA deduction limits for more details.


For  2018, your total contributions to all of your traditional and Roth IRAs cannot be more than:

  • $5,500 ($6,500 if you’re age 50 or older), or
  • your taxable compensation for the year, if your compensation was less than this dollar limit.