Is My IRA Deductible?

If neither you nor your spouse is an "active participant" in an employer-sponsored retirement plan, you both may deduct your entire traditional IRA contribution, up to your applicable limit.

However, if either of you participates in an employer-sponsored retirement plan, you may deduct your contribution only if your adjusted gross income falls within certain ranges.

The eligibility requirements for deducting your IRA contributions will be increasing in future years. For further information, please see the charts outlining these increased eligibility requirements.

Your financial or tax advisor can help you determine how much, if any, of your IRA contribution is deductible. But remember, even if your contribution isn't tax-deductible, your earnings still compound tax-deferred until you withdraw them at retirement, when they'll be taxed at your then-current rate.

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