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How much can be deducted as contribution to an IRA account?

The maximum amount that can be deducted for an individual in a taxable year, as defined in the Internal Revenue Code of Puerto Rico, is $5,000 or the adjusted gross income of the taxpayer, attributed to professions and occupations, whichever is less. In the case of married couples who file a joint Puerto Rico income tax return, the maximum amount that can be deducted in your joint income tax return is $10,000 or the combined adjusted gross income gained from professions or occupations of both spouses, whichever is less, even if only one of the spouses is employed. Contributions by each spouse must be made to separate accounts.  

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FDIC Member. Products and services offered by Banco Popular de Puerto Rico.

1Withdrawals are subject to the availability of funds in your account.

2Deposits are subject to the provisions of the Bank’s Funds Availability Policy. Easy Deposit Mobile is a free service and only for Banco Popular customers with individual deposit accounts and/or commercial accounts (FlexiCuenta de Negocios® & B-Smart®). Customers selected in accordance with the Bank’s eligibility criteria. Checks deposited before 6:00 p.m. of a business day will be processed the same business day, subject to verification and deposit validation. In the back of the check to be deposited, enter your signature, account number and the phrase “For Deposit Only at BPPR.”