Who Is Eligible For A Traditional IRA?

Believe it or not but everyone can open and contribute to a traditional IRA. However not everyone who can open and contribute to it are eligible to deduct contributions to a traditional IRA. I know, bizarre concept. 

If you or even your partner have some kind form of retirement plan at work, keep in mind that the amount of your traditional IRA contribution that you can deduct is reduced. You need to also keep it mind that the it gets eliminated altogether, the moment you hit a certain income.

And if you and your partner are married and don’t have retirement plans at work then you can fully deduct your IRA contribution no matter how much your income.

You Can Find My Investing Portfolio Here

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s