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Roth IRA contributions aren’t deductible. Traditional IRAs. Retirement plan at work: Your deduction may be limited if you (or your spouse, if you are married) are covered by a retirement plan at work and your income exceeds certain levels.
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Take advantage of the 2021 IRA contribution limits: up to $6,000 , or $7,000 if age 50 or 1 Feb 2021 IRA Contribution Contribution Limits 2020 and 2021. IRA Income Limits 2020 and 2021. Traditional IRA. Roth IRA. SEP-IRA. Tax advantaged 2020 Traditional & Roth IRA Contribution Deadline is 4/15/2021. 2021 Traditional & Roth IRA Contributing to a traditional IRA can create a current tax deduction, plus it provides for The contribution limit increases with inflation in $500 increments. For traditional IRAs, income limits don't apply.