Unmarried taxpayers who are not active participants in a pension plan are allowed to deduct their entire contribution to an IRA regardless of the amount of their adjusted gross income.

Question

Quizplus · Accepted Answer

This is true according to the IRS rules for tax year 2021. However, there may be some limitations for high-income earners who are active participants in a retirement plan.

Unmarried Taxpayers Who Are Not Active Participants in a Pension