Are contributions to a Traditional IRA tax deductible?
- If you (or your spouse) are not covered by an employer-sponsored retirement plan, then your contributions are fully deductible.
- But if either of you are covered by an employer-sponsored retirement plan, your contributions are deductible only if your Adjusted Gross Income (AGI) is less than $73,000 (single filer or head of household) or less than $121,000 for joint filers. If your income is near these limits, your contributions may be only partially deductible. Try our IRA Finder Tool for more information.
- If you are covered by an employer-sponsored retirement plan and your AGI is above these limits, you can still contribute to a Traditional IRA, but your contributions will not be deductible.
Is there an age limit for contributions?
- Yes. Contributions to a Traditional IRA are not allowed after age 70½.