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Huh? I know IRAs may be tax deferred, but deductible?

As JAFO points out, Roth IRA contributions are never deductible. Traditional IRA contributions are deductible if neither you nor your spouse was covered at any time during the year by a retirement plan at work. If either of you was covered, deductibility of traditional IRA contributions phases out, depending on your income. There's a chart on page 8 of IRS Publication 590 that gives the various scenarios.

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Phil Marti
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