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Tax Deductibility Benefits

 

>>Back to Traditional IRAs

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 do not receive benefits under an employer’s retirement plan
  • If you are married and filing jointly and together you earn no more than $75,000 in 2007 ($80,000 in 2008). 
  • If filing individually and you earn no more than $50,000 in 2007.

For those who participate in an employer plan, IRA deductibility is gradually phased out above certain income levels.

>>Back to Traditional IRAs

 



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