A traditional IRA is a great option for those looking to save for retirement in a tax-deferred account. However, there are many factors to consider when determining whether a you are eligible to make contributions, and whether such contributions will be deductible or not.
To help make the analysis easier, we have created the Can I Make A Deductible IRA Contribution flowchart. It addresses common factors affecting eligibility rules for traditional IRAs, including:
- Earned income
- Coverage under an employer plan
- Other (Roth) IRA contributions
- Filing status-based MAGI thresholds
Flowchart: Can I Make A Deductible IRA Contribution – 2024
Flowchart: Can I Make A Deductible IRA Contribution -2023
See Also:
Can I Make A Backdoor Roth IRA Contribution'
Should I Contribute To My Roth IRA vs. My Traditional IRA'
Important Numbers & Limits This Year