WHAT IS THE MAXIMUM AMOUNT I CAN DEDUCT FROM TAXES FOR TRADITIONAL IRA

[DanaB]

For 2018, your total contributions to all of your traditional and Roth IRAs cannot be more than:

• $5,500 ($6,500 if you’re age 50 or older), or
• your taxable compensation for the year, if your compensation was less than this dollar limit.

Your traditional IRA contributions may be tax-deductible. The deduction may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels:

• IRA Deduction if You ARE Covered by a Retirement Plan at Work - 2018
• IRA Deduction if You Are NOT Covered by a Retirement Plan at Work - 2018 (deduction is limited only if your spouse IS covered by a retirement plan)