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Is an IRA deductible?

SOLVEDby TurboTax5001Updated April 13, 2023

Traditional IRA contributions are an above-the-line deduction and may directly reduce your reported wages, reducing your taxable income. For some incomes, this might allow you to qualify for other deductions and credits due to a lower adjusted gross income (AGI).

If you (or your spouse, if filing a joint tax return) are covered by an employer-sponsored retirement plan, there's a phase-out range. Depending on your income, you may only deduct part or even none of the IRA contribution.

Roth IRA contributions aren't deductible.

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