What is the IRA Deduction?

Jes25 — Sat, 01 Jun 2019 13:22:23 GMT

You can contribute money into an IRA but it is not always...

Coleen3 — Mon, 09 Mar 2020 22:09:07 GMT

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).

topic What is the IRA Deduction? in Retirement tax questions

What is the IRA Deduction?

You can contribute money into an IRA but it is not always...