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J
Jes25
Level 1
June 1, 2019
Question

What is the IRA Deduction?

  • June 1, 2019
  • 1 reply
  • 10 views
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1 reply

A
Anonymous
June 1, 2019

You can contribute money into an IRA but it is not always deductible. Being deductible means that it will reduce your income by the amount entered on Line 32, 1040 (Schedule 1 Line 19 for 2019). Traditional IRAs are deductible within limits but Roth IRAs are not.

Please see the link below to determine how much you can deduct if you are covered by a pension plan at work.https://www.irs.gov/retirement-plans/2017-ira-deduction-limits-effect-of-modified-agi-on-deduction-if-you-are-covered-by-a-retirement-plan-at-work

Maximum contributions are $6000 and if over age 50, $7000 (2019).

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