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Can I Open a Traditional IRA Account

Who Can Contribute to a Traditional IRA

Before you open up a traditional IRA account, it’s important to first make sure that you’re eligible for the tax savings inherent in traditional IRAs. The tax savings comes in the form of deductions for the contributions, or deposits, you make to the IRA account – thereby allowing you to defer the income tax you’d normally owe on the money you use to contribute to the account. However, when you begin taking money out of your IRA account during retirement, you must report all withdrawals as taxable income on your returns. Each year that you make a contribution to your traditional IRA, the IRS allows you to take a deduction on your personal tax return – subject to annual maximums – if you satisfy two essential requirements. The first is that you receive taxable compensation during the year and the second is that you be younger than 70 ½ on the last day of the tax year you are taking the contribution deduction. When you reach 70 ½ years of age, the IRS imposes required minimum distribution rules – meaning you have no choice but to start taking withdrawals from the traditional IRA account.

Taxable Compensation for Traditional IRA

For purposes of deducting contributions to a traditional IRA, the IRS defines “taxable compensation” as all earnings from work. This includes wages and salary from employment, commissions, income from self-employment such as the income you report on a Schedule C, alimony payments you receive from a former spouse (but not child support) and nontaxable combat pay. Taxable compensation doesn’t include, however, gains from the sale of real estate and other property, the interest you earn from a bank account, pensions and in some cases the income you earn from a partnership. However, just because you receive income that doesn’t qualify as taxable compensation doesn’t disqualify you provided you have other forms of taxable compensation.

Deducting Your Traditional IRA Contributions

The IRS will not allow you to deduct an unlimited amount of traditional IRA contributions; it limits the amount to the smaller of your taxable compensation or the annual maximum that applies for the tax year. For example, in recent tax years, your traditional IRA contribution deduction couldn’t exceed the smaller of your taxable compensation for the year or $5,000 ($6,000 if age 50 or older). You should also remember that for any year you anticipate claiming a deduction for traditional IRA contributions, you must file your tax return on Form 1040 or 1040A – the 1040EZ doesn’t allow for traditional IRA contribution deductions. And since the deduction is an “adjustment to income” that reduces your gross income for purposes of calculating your AGI, you can claim the contribution deduction regardless of whether you itemize or claim the standard deduction.