Posted by Joe Wride
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