Browse Tax Articles
H&R Block Tax Professionals relentlessly focus on making sure you profit from every deduction and credit available.
Finding answers to your tax questions is now less taxing.
For a traditional IRA, you're allowed to contribute up to a maximum of 5500. If you're age 50 or older, the maximum is 6500.
However, if you're an active participant in a company plan, your traditional IRA deduction:
You might not be able to deduct your traditional IRA contribution. However, you can make nondeductible IRA contributions. If you make them to a traditional IRA, complete Form 8606 and file it with your return. This form helps you keep track of your basis in the account. Basis includes the total amount of nondeductible contributions that you make. This is important since it'll keep you from paying tax on the money a second time when you withdraw it.