Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

Who qualifies for a tax-deductible Traditional Individual Retirement Account (IRA)?

0

Regardless of income, any individual with compensation from employment or earned income from self-employment and under age 70 (or the spouse of a working individual) is eligible to contribute to a Traditional IRA. Contributions for an unmarried person are tax deductible if the individual is not an active participant in an employer-sponsored retirement plan. Those who are active plan participants must meet specified income limits to qualify for tax-deductible contributions. Income refers to Adjusted Gross Income, or AGI.

Related Questions

What is your question?

*Sadly, we had to bring back ads too. Hopefully more targeted.