The deductibility of traditional IRA contributions depends on your modified adjusted gross income (MAGI) and whether you or your spouse is covered by an employer-sponsored retirement plan. According to Revenue Procedure 2024-40, for the 2025 tax year, if you are covered by a retirement plan at work, the deduction is phased out for single filers with MAGI between $68,000 and $83,000, and for married couples filing jointly with MAGI between $116,000 and $136,000. If you are not covered by a plan but your spouse is, the phase-out range is $194,000 to $214,000.
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