IRA Deduction 1980-2020 | Tax Policy Center

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June 12, 2023

After the Economic Recovery Tax Act of 1981, the share of returns that included a deduction for contributions to an IRA exceeded 12%, until deductible IRAs were curtailed by the Tax Reform Act of 1986. In 2020, the share was 1.5%

Fact:

After the Economic Recovery Tax Act of 1981, the share of returns that included a deduction for contributions to an IRA exceeded 12%, until deductible IRAs were curtailed by the Tax Reform Act of 1986. In 2020, the share was 1.5%