Can I Make A Deductible IRA Contribution?

Flowchart simplifies IRA contribution rules, focusing on eligibility and deduction criteria.

Key Benefits

Earned Income Requirements Explain the necessity of having earned income to qualify for making deductible contributions to a traditional IRA.

Employer Plan Coverage Discuss how coverage under an employer-sponsored retirement plan affects the deductibility of traditional IRA contributions.

Impact of Other IRA Contributions Detail how contributions to other IRAs, like a Roth IRA, might influence the eligibility for making deductible contributions to a traditional IRA.

Filing Status and MAGI Thresholds Review how the Modified Adjusted Gross Income (MAGI) thresholds, which vary by filing status, determine the deductibility of IRA contributions.

About This Resource

Our “Can I Make A Deductible IRA Contribution?” flowchart clarifies the eligibility for traditional IRA contributions, considering earned income, employer plan coverage, other IRA contributions, and income thresholds based on filing status.

Financial Synergies
Wealth Advisors

Financial Synergies Wealth Advisors is a fee-only financial advisor and wealth management firm located in Houston, Texas. For over thirty-five, years we’ve been serving the financial needs of individuals, families, and businesses from around the world. When we take on new clients, they become part of our extended family, and in the past three decades we’ve developed multi-generational relationships with many of them.

Our primary goal is to simplify your financial life. Our Certified Financial Planner™ professionals and advisors combine investment management and holistic financial planning to provide total wealth management for our clients. Together, we’ll construct a financial game plan and investment strategy to meet your goals, and give you greater confidence in your future.