The maximum allowable contribution for 2020 is $6,000. Individuals age 50 and over in 2020 may contribute an additional $1,000.
You are covered by an employer retirement plan for the tax year if your employer (or your spouse’s employer) has a:
Defined Contribution plan and any contributions or forfeitures were allocated to your account for the plan year ending with or within the tax year.
IRA-Based plan and you had an amount contributed to your IRA for the plan year that ends with or within the tax year.
Defined Benefit plan and you are eligible to participate for the plan year ending with or within the tax year.
Married Filing Separate:
If you did not live with your spouse at any time during the year, your filing status is considered, for this purpose, as Single (therefore your IRA deduction is determined under the “Single” column).
You are entitled to the full deduction only if you did not live with your spouse at any time during the year. If you did live with your spouse during the year, you are, for this purpose, as though you are covered by a retirement plan at work (therefore, your IRA deduction is determined under the “Married Filing Separately” column in the “If You are covered by a Retirement Plan . . .” section of the chart).
IRA contributions must be made by April 15th of each year to be considered for the previous year. FILING EXTENSIONS DO NOT EXTEND THE IRA CONTRIBUTION DUE DATE.
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