How much can you deduct from taxes for IRA contributions?

For contribution to a Traditional IRA Retirement account if that is what this question is about.

How Much Can You Deduct?

Generally, you can deduct the lesser of:

• The contributions to your traditional IRA for the year, or

• The general limit (or the spousal IRA limit, if applicable) explained earlier under How Much Can Be Contributed .

However, if you or your spouse was covered by an employer retirement plan, you may not be able to deduct this amount. See Limit if Covered by Employer Plan , later.

You may be able to claim a credit for contributions to your traditional IRA. For more information, see chapter 5.

Go to the IRS gov web site and use the search box for PUBLICATION 590 Individual Retirement Arrangements (IRAs)

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