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How can I claim IRA deductions?

 
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Category : > Income Tax Filing Across The USA
Posted On : Tue Oct 06th,2009

 
How can I claim IRA deductions?
 

IRA deductions

 If you made contributions to a traditional IRA for 2008, you may be able to take an IRA deduction, subject to certain conditions and up to a limit. But you or your spouse if filing a joint return, must have had earned income to do so. For IRA purposes, earned income includes alimony and separate maintenance payments. If you were a member of the U.S. Armed Forces, earned income includes any nontaxable combat pay you received. If you were self-employed, earned income is generally your net earnings from self-employment if your personal services were a material income-producing factor.

 

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