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For contribution to a Traditional IRA Retirement account if that is what this question is about.

How Much Can You Deduct?

Generally, you can deduct the lesser of:

  • The contributions to your traditional IRA for the year, or

  • The general limit (or the spousal IRA limit, if applicable) explained earlier under How Much Can Be Contributed .

However, if you or your spouse was covered by an employer retirement plan, you may not be able to deduct this amount. See Limit if Covered by Employer Plan , later.

You may be able to claim a credit for contributions to your traditional IRA. For more information, see chapter 5.

Go to the IRS gov web site and use the search box for PUBLICATION 590 Individual Retirement Arrangements (IRAs)

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15y ago

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Related Questions

When can you deduct IRA contributions on your taxes?

You can deduct IRA contributions on your taxes if you meet certain income requirements and if you contribute to a traditional IRA.


Can I deduct Roth IRA contributions on my taxes?

No, you cannot deduct Roth IRA contributions on your taxes because they are made with after-tax money.


Can I deduct my Roth IRA contributions on my taxes?

No, you cannot deduct Roth IRA contributions on your taxes because they are made with after-tax money.


Can I deduct IRA contributions on my taxes?

Yes, you can deduct traditional IRA contributions on your taxes, up to certain limits, if you meet the eligibility criteria set by the IRS.


Can I write off Roth IRA contributions on my taxes?

No, you cannot deduct Roth IRA contributions on your taxes because they are made with after-tax money.


Can you write off Roth IRA contributions on your taxes?

No, you cannot deduct Roth IRA contributions on your taxes because they are made with after-tax money.


Can I deduct traditional IRA contributions on my taxes?

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Can you write off IRA contributions on your taxes?

Yes, you can typically deduct traditional IRA contributions from your taxable income when filing your taxes, which can lower your overall tax bill.


Can I deduct Roth IRA contributions on my tax return?

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Can you deduct roth IRA contributions?

No, you can not deduct Roth IRA contributions. You pay regular income tax on the money you contribute to a Roth IRA. The tax advantage is that the taxes have already been paid with it is time to withdraw the money. Additionally, you pay no income tax on the increase in account value from interest, dividends, etc.


Where do you deduct SEP IRA contributions on your tax return?

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Can I deduct my IRA contribution on my taxes?

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