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Working / Accumulation Phase, Tax Planning, Assets and Investment Planning, General

Can I Make A Deductible IRA Contribution?

Updated 12/1/2023

A traditional IRA is a great option for clients looking to save for retirement in a tax-deferred account. However, there are many factors to consider when determining whether a client is eligible to make contributions, and whether such contributions will be deductible or not.

To help make the analysis easier, we have created the ”Can I Make A Deductible IRA Contribution?” flowchart. It addresses common factors affecting eligibility rules for traditional IRAs, including:

  • Earned income
  • Coverage under an employer plan
  • Other (Roth) IRA contributions
  • Filing status-based MAGI thresholds
Guide Preview:
Can I Make A Deductible IRA Contribution?
Page 1
2024 Flowchart
Preview
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