tax-deductible IRA investment

Can I invest $8k in a tax-deductible IRA at Vanguard before Apr 15, 2025 for 2024? I'm 86 yrs old.

posted

to make an IRA contribution of $8K you'll need $8k of compensation. if compensation is less that's the limit.

compensation includes:

wages (box 1)

net income from self-employment after deducting 1/2 the SE tax

certain taxable alimony income

you should be able to go through Turbotax and enter the $8k. Then Turbotax will tell you if it's deductible or in excess.

Do you have an Intuit account?