What are the tax deductibility benefits for a Traditional IRA? By contributing to your Traditional IRA, you receive an immediate benefit. Your annual contribution is 100% tax deductible if you fall into one of the following:
You are not an active participant in an employer-sponsored retirement
plan. For those who participate in an employer plan, IRA deductibility is gradually phased out above certain income levels.
If you are married and filing jointly and together you earn no more than $89,000 in 2009.
If filing single and you earn no more than $55,000 in 2009.
