![]() ![]() The income limits are higher if your spouse is covered by a workplace retirement plan but you are not. For instance, if you make $40,000 per year and put $3,000 in a traditional IRA, you will generally receive a deduction against your $40,000 of income.įor 2023, if you are covered by a workplace retirement plan, your contributions are at least partially tax-deductible if your modified adjusted gross income is less than $83,000 if you are single or $136,000 if you are married and filing jointly. ![]() 2 What’s more, contributions may be tax-deductible. ![]() This means your money grows tax-free until you begin taking distributions, at which point your withdrawals are taxed at your income tax rate. Traditional IRAs provide tax-deferred growth. ![]()
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