Regardless of my income level, Can I open an IRA (~$8K) that can be deducted from my gross income if I'm over full retirement age?

[DoninGA]

You must have taxable compensation to contribute to an IRA.

Go to this IRS website for contributions to a Traditional IRA if you have a retirement plan at work - https://www.irs.gov/retirement-plans/plan-participant-employee/2024-ira-contribution-and-deduction-l...

Go to this IRS website for contributions to a Traditional IRA if you do Not have a retirement plan at work - https://www.irs.gov/retirement-plans/plan-participant-employee/2022-ira-contribution-and-deduction-l...

[JamesG1]

You may open and make contributions to a traditional IRA if you received taxable compensation during the year.

Taxable compensation is what you earn from working.  The most common examples are W-2 wages and self-employment income.

There are limitations on how much can be deducted based upon:

• Your income (modified adjusted gross income), 
• Your filing status, and 
• Whether you are covered by a retirement plan (box 13 on your W-2).

The modified adjusted gross income tables are found on pages 13 and 14 of IRS Publication 590-A.

IRS Publication 590-A, page 9, states:

For 2024, the most that can be contributed to your traditional IRA is generally the smaller of the following amounts.

• $7,000 ($8,000 if you are age 50 or older). or 
• Your taxable compensation for the year.

This is a complex area of the tax code.  TurboTax will determine whether you qualify for a deductible contribution to a traditional IRA.

In TurboTax Premium Online, select Traditional and Roth IRA Contributions under Deductions & Credits.

@sguarrieri 

[sguarrieri]

some clarifications .. 

I had taxable income in 2024 but I retired on March 31st, 2024. 

from what I've read if I don't have an employer retirement plan (and that stopped on March 31st) and I'm over FRA, then the taxable income limit on taking an IRA is not applicable.   Is this correct?  that is, Does it matter that I had a retirement plan for the first quarter of the year?

Hopefully, this clarifies my question on whether I can open an IRA and deduct those $s from my gross income. 

[MayaD]

 You are considered covered for the year even if you were covered by an employer plan only for part of the year and, your deductions may be limited.

IRA deduction limits