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

April 26, 2017individual retirement account IRA qualifies tax-deductible traditional

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

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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.