| Are
IRA contributions tax-deductible? |
|
Traditional IRA
|
Roth IRA
|
Yes - Subject to retirement plan participation status and Adjusted Gross
Income (AGI) limits:
Full deductibility of 2009 contribution
is
available for active
participants in a
retirement plan whose 2009 AGI is
$89,000 or less (jointly) and $55,000
or less (single).
Partial deductibility of 2009
contributions is available for active
participants in a retirement plan whose
2009 AGI is up to
$109,000 (jointly)
and up to $65,000 (single).
|
No
|
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