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How is the tax-deductibility of my contributions to a Traditional IRA determined?

It depends on whether you (or your spouse) are covered by an employer-sponsored retirement plan at work (regardless if you actually participate in that plan), your tax-filing status and/or your Marginal Adjusted Gross Income (MAGI).

No retirement plan at work

If you (or your spouse) are not covered by an employer-sponsored retirement plan (for example, a 401(k) plan) during the calendar year, your contributions to a Traditional IRA are 100% deductible from your taxes.

Retirement plan available at work

If you (or your spouse) are eligible to participate in an employer-sponsored retirement plan during the calendar year, regardless of whether you participated or not, then how much you can deduct is based on your tax-filing status and your Marginal Adjusted Gross Income (MAGI).

The IRS website is a good resource to determine if your contributions are tax-deductible:

Please consult a tax professional with any questions regarding Traditional IRA contributions.



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