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Steps to Investing Foolishly, #4 of 13: Open and Fund Your Accounts

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Published on Sep 21, 2012

Want to know whether you're eligible for all of the tax benefits of an IRA? Here's what you need to know: Whether contributions to a traditional IRA are deductible starts with whether you (or your spouse, if you have one) are covered by a retirement plan at work. It doesn't matter whether you participate in the plan, just whether your boss provides the opportunity.

Then, it comes down to your household adjusted gross income (AGI). Here are the important numbers if you are NOT covered by a retirement plan at work:
http://www.fool.com/m.aspx?i=35037070
And here are the numbers if you ARE covered by a retirement plan at work:
http://www.fool.com/m.aspx?i=35037183

Contributions to a Roth IRA are never deductible, but your income will determine how much you can contribute, including whether you can contribute to a Roth at all. Here are the income limits to be aware of:
http://www.fool.com/m.aspx?i=35037241

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