Traditional IRA basic contribution question

[thepep]

I work for a company and have a 401K retirement plan.  Married filing jointly and am over 50 yrs old.  I have a Traditional IRA.  Am I correct in my belief that I can contribute up to $7000 ($6000 + 1000 since over 50 yrs old) for the 2020 tax year?  And I can contribute this amount up to the tax deadline date of April 15, 2020 (now extended to May 17th)?  Thank you.

[dmertz]

All correct (assuming that you have at least $7,000 of compensation to support the IRA contribution).  However, a traditional IRA contribution may or may not be deductible depending on your modified AGI for the purpose:

https://www.irs.gov/retirement-plans/plan-participant-employee/2020-ira-contribution-and-deduction-l...

[thepep]

Understood.  Income > $7k and not eligible for deduction but better to put in IRA than sit in bank I hope.  Thanks!