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What is an IRA contribution?
An Individual Retirement Arrangement (IRA) is a tax-deferred savings plan to help with living expenses once you’ve left the workforce. Earnings on a traditional IRA are not subject to tax until they are withdrawn. Contributions are limited to a combined total of $6,000 per year, per taxpayer ($7,000 if you’re at least age 50) and may be deductible from your income. Traditional IRAs are available to all taxpayers with earned income during the year.
The Roth IRA also allows you to contribute up to $6,000 per year ($7,000 if age 50 or older) but there is no deduction from your income for the contribution. Once your modified Adjusted Gross Income (AGI) reaches $129,000 ($204,000 if you and your spouse file a joint return), your allowable contribution begins to be reduced. You can make contributions to a Roth IRA at any age as long as you are working.
If you work and your spouse does not, you may set up an IRA for each of you and contribute up to $6,000 per person, per year ($7,000 if age 50 or older) into each IRA.
If you make contributions to a qualified plan through your employer, it is deemed either a traditional or Roth IRA if it meets the requirements of a traditional IRA.
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