There are many different considerations that affect one’s ability to contribute to a Traditional IRA. To make matters worse, the contribution limits usually change from one year to the next.
To help make this easier, we have made the ”Can I Make A Deductible IRA Contribution” flowchart available. It addresses common issues regarding eligibility rules for Traditional and Roth IRAs:
- Earned income phase-out ranges for 2018
- Single vs Married Filing Jointly
- Impact of contributing to a Traditional IRA in the same year
Updated for 2020 (including The SECURE ACT)