Internal Revenue Service United States Department of the Treasury
Level Basic Advanced Military International

Adjustments to Income

IRA Contributions

General Contribution Limits

Generally, you can deduct the lesser of:

  • The contributions to your traditional IRA of the year, or
  • The general limit (or the spousal IRA limit, if it applies)

An IRS certified volunteer preparer must exercise due diligence when preparing or assisting in the preparation of, approving, and filing tax returns. Based on this, volunteers may rely in good faith without requiring certain documents from the taxpayer. However, the volunteer preparer may not ignore the implications of information furnished to, or actually known by, the preparer. The preparer must ask questions if the information furnished appears to be incorrect, inconsistent, or incomplete.

Photo of 35 year old labeled with dollar amount $5,500. Photo of 65 year old labeled with dollar amount $6,500.