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