Most workers can contribute up to $3,000 to an IRA ($3,500 for those 50 or older). In
some cases, contributions may be deductible.
Assuming that you are covered by an employer-sponsored retirement plan, you can deduct
IRA contributions only if your income is under certain amounts. Single filers must
have income under $45,000 this year, in order to get a full IRA writeoff. Lesser
deductions are available with income up to $55,000. (Those amounts are $65,000 and
$75,000 for joint filers.)
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