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It depends. Please note this FAQ that describes this subject: https://ttlc.intuit.com/replies/3301534.
If your joint income is under 186,000 you could be able to take the credit, but there is an age limit as well. Please see this IRS website link: Retirement Topics IRA Contribution Limits | Internal Revenue Service, where you'll see this excerpt:
IRA contributions after age 70½You can’t make regular contributions to a traditional IRA in the year you reach 70½ and older. However, you can still contribute to a Roth IRA and make rollover contributions to a Roth or traditional IRA regardless of your age.
As long as your income is under 186,000, and you did not turn 70 1/2 last year, then you are able to take the deduction.
It depends. Please note this FAQ that describes this subject: https://ttlc.intuit.com/replies/3301534.
If your joint income is under 186,000 you could be able to take the credit, but there is an age limit as well. Please see this IRS website link: Retirement Topics IRA Contribution Limits | Internal Revenue Service, where you'll see this excerpt:
IRA contributions after age 70½You can’t make regular contributions to a traditional IRA in the year you reach 70½ and older. However, you can still contribute to a Roth IRA and make rollover contributions to a Roth or traditional IRA regardless of your age.
As long as your income is under 186,000, and you did not turn 70 1/2 last year, then you are able to take the deduction.
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