If lower, your taxable compensation for the year. There are no income limits for traditional IRAS1, but there are income limits for tax-deductible contributions. It depends on what type of IRA it is. Just about anyone can contribute to a traditional IRA, as long as you (or your spouse) receive taxable income and are under 70 and a half years old.
However, your contributions are tax-deductible only if you meet certain requirements. For more information on those qualifications, see Who can contribute to a traditional IRA? Your total contributions to your IRA and your spouse's IRA cannot exceed your combined taxable income or the annual IRA contribution limit multiplied by two, whichever is less.
