47 years of age, waged earner, with a pension, gross is less than $45,000. Put 4K in an IRA. All deductible?

Question

is all of the IRA contribution or some of it deductible?

Answer 1

Yes you can do that as a single taxpayer. You are under the income limits as an active participant.

The phaseout for deductibility of the IRA is $50,000 to $60,000 for single or head of household. The phaseout for married filing jointly, with you being an active participant, is $75,000 to $85,000.

If you are married filing separately, you can't take a deduction for an IRA with your level of income.

Answer 2

The limit is $4000 for you. And your answer is yes!

Answer 3

That's a great idea!