A traditional IRA is a great option if you are looking to save for retirement in a tax-deferred account. However, there are many factors to consider when determining whether you are eligible to make contributions, and whether such contributions will be deductible or not.
This flowchart addresses common factors affecting eligibility rules for traditional IRAs, including:
- Earned income
- Coverage under an employer plan
- Other (Roth) IRA contributions
- Filing status-based MAGI thresholds
