can i deduct payments to a simple ira
A: Whether you can deduct IRA contributions on your tax return depends on the type of IRA you have, your participation in an employer-sponsored retirement plan, and your income.Roth IRA contributions are never tax deductible; you must pay taxes on Roth IRA funds before you place them in your account.Traditional IRA contributions are often tax deductible, but you must meet several requirements.oth IRA contributions are never tax deductible; you must pay taxes on Roth IRA funds before you place them in your account. Traditional IRA contributions are often tax deductible, but you must meet several requirements.