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R
rcpainter
March 17, 2025
Question

I am filing Single, can I take both the standard deduction and an IRA contribution (to reduce taxable income)?

  • March 17, 2025
  • 2 replies
  • 0 views
No text available

2 replies

VolvoGirl
VolvoGirl
Employee
March 17, 2025

Yes the IRA contribution is separate from schedule A deductions.  IRA goes on Schedule 1 line 20 which goes to 1040 line 10 before the Standard Deduction is subtracted.

M
MinhT1
March 17, 2025

Yes.

 

In order to contribute to an IRA, you need to have earned income.

 

In you have a retirement at work, your ability to deduct your contribution depends on your Modified Adjusted Gross Income (MAGI).

 

Please read this IRS document for more information.

 

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