Deductions Allowed for Contributions to a Traditional IRA

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By TurboTax Contributions you make to a traditional IRA may be tax-deductible. Find out the income and deduction limits and how to report on your taxes. Traditional individual retirement accounts, or IRAs, are tax-deferred, meaning that you don’t have to pay tax on any interest or other gains the account earns until you withdraw the money. The contributions you make to the account may entitle you to a tax deduction each year. However, the Internal Revenue Service (IRS) restricts who can claim a tax deduction for contributions to traditional IRAs based on various factors. TurboTax Premier makes…

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