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New Member
posted Jun 5, 2019 10:37:49 PM

What amount of an IRA is tax deductable?

If I open up an IRA and deposit money into it, is that entire deposited amount tax deductable?

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1 Replies
Level 15
Jun 5, 2019 10:37:50 PM

Simple answer: yes.

There are limits on how much you can contribute (deposit) and limits on deductability based on your income and whether you, or your spouse have a retirement plan at your job.  Details at https://www.irs.gov/retirement-plans/ira-deduction-limits