Tax Tip: Taxpayers can deduct contributions to a traditional IRA if they meet certain conditions. If during the year either the taxpayer or their spouse was covered by a retirement plan at work, the deduction may be reduced, or phased out, until it is eliminated, depending on filing status and income. If neither the taxpayer nor their spouse is covered by a retirement plan at work, the phase-outs of the deduction do not apply. If you need assistance preparing your return, contact DTA at 877-DTA-6379 or [email protected]. #DTATips #accountant #irs #ira #retirement #deduction #taxes
