TurboTax FAQ
TurboTax FAQ
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Who can contribute to a Traditional IRA?

You can open and contribute to a Traditional IRA if you (or your spouse, if you file a joint return) received taxable compensation during the year, and were not age 70½ by the end of the year.

You can have a Traditional IRA even if you are covered by another retirement plan. However, you may not be able to deduct all of your contributions if you or your spouse are covered by an employer retirement plan, and you cannot have a joint IRA.