Potentially. There are a host of rather complex rules governing the deductibility of Traditional IRA contributions.
Traditional IRA contributions can either be deductible or non-deductible. To further complicate matters, a contribution may be partially deductible (and thus partially non-deductible as well). Deductibility depends upon filing status, income and whether you and your spouse (if applicable) are “covered” by a retirment plan at work.
We encourage you to consult a qualified tax professional to answer your question and discuss appropriate strategies.
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