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What's the rule to make contributions to a traditional IRA?

1. Maximum contribution 

a. 2020: $6,000 ($7,000 if age 50 or older) 

b. 2021: $6,000 ($7,000 if age 50 or older) 


2. Deduction limits: 

If a retirement plan at work covers you, you can make a full or partially deductible contribution to a Traditional IRA based on your modified adjusted gross income (MAGI). 


3. Contribution deadline Any person with a federal income tax return or payment due on May 17, 2021.

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