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Question regarding IRA Deduction

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Question regarding IRA Deduction

Postby guest » Mon Feb 29, 2016 10:57 pm

Q: What's IRA Deduction Limits

A: You may be able to claim a deduction on your individual federal income tax return for the amount you contributed to your IRA. See IRA Contribution Limits.

Q: Can Roth IRAs be deductible from our tax return?

A: No, Roth IRA contributions aren’t deductible.

Q: If my company provides retirement plan such as 401B, 403K or pension, and we contribute Traditional IRAs, can we get deductible?

A: Retirement plan at work Your deduction may be limited if you (or your spouse, if you are married) are covered by a retirement plan at work and your income exceeds certain levels.

No retirement plan at work

Your deduction is allowed in full if you (and your spouse, if you are married) aren’t covered by a retirement plan at work.
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