My husband and I are retired. Over 70. We file married filing jointly. We both have compensation from an employer retirement plan and both receive SS. We want to invest $5000 into a traditional IRA today and claim that on our 2024 tax. Is this allowed? Will we be able to claim the full $5000, part of it or none of it? Will doing this reduce our tax liability? Are there special forms that need to be filed if we make this investment? Thank you.
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