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TIAA Wealth Chief Investment Officer Niladri 'Neel' Mukherjee dives into six questions investors are asking regarding markets and the economy.
Your age helps determine whether you're eligible for an IRA, and how much you can contribute.
This helps determine whether you can contribute to a Roth IRA, or treat Traditional IRA contributions as tax-deductible.
Your modified adjusted gross income helps determine whether you qualify for traditional IRA tax deductions and Roth IRA contributions.
For example, this includes 401(k), 403(b) and 457(b) plans. If you're not sure whether you're eligible, contact your employer.
If you both have access to a workplace plan, you may not be eligible to deduct your entire traditional IRA contribution.