IRA Eligibility

The IRS does not prohibit anyone from contributing to an IRA. However, your contribution may not be deductible. An IRA is a great tax-deferred way to save for retirement. The main advantage is that your initial contributions are tax deductible and that any gains (interest, earnings, or capital gains) are tax deferred until you begin making withdrawals.

The IRA deduction rules limit hi-income earners who are covered by a workplace retirement plan from having their contributions be tax deductible. However, regardless of your income, you can contribute to an IRA, up to the IRA contribution limits.

Disclaimer: This website is intended to provide general information about IRA retirement plans. Nothing on this site should be considered legal, financial or tax advice. Please consult your tax or financial advisor for professional advice. While we strive to periodically update the information on this website, 2008ira.com makes no representation or warranties as to the accuracy, reliability, or completeness of any information on this site.