A traditional IRA is a great option for clients looking to save for retirement in a tax-deferred account. However, there are many factors to consider when determining whether a client is eligible to make contributions, and whether such contributions will be deductible or not.
To help make the analysis easier, we have created the ”Can I Make A Deductible IRA Contribution” flowchart. It addresses common factors affecting eligibility rules for traditional IRAs, including:
Updated for 5/1/2020 (including The SECURE ACT)