Individual Retirement Accounts
Frequently Asked Questions
Contributions and distributions
Is my contribution tax deductible?
Only Traditional IRA contributions are tax deductible if certain conditions exist. If you and your spouse are not covered by an employer sponsored retirement plan, you will receive a full deduction regardless of your income. If you participate in an employer sponsored retirement plan, your income and filing status will determine the amount of your contribution that is deductible from taxes.
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