Traditional IRA
Deductions vary according to your modified adjusted gross income (MAGI) and whether or not you're covered by a retirement plan at work.
If you (and your spouse, if applicable) aren't covered by an employer retirement plan, your traditional IRA contributions are fully tax-deductible.
If you (or your spouse, if applicable) are covered by an employer retirement plan, you can still make contributions to a traditional IRA, but depending on your income, they may qualify as partially tax-deductible or totally non-tax-deductible IRA contributions.
Details are provided at irs.gov:
If you are covered by a retirement plan at work
If youaren'tcovered by a retirement plan at work
If youarecovered by a retirement plan at work
If youaren'tcovered by a retirement plan at work
The limits on the amount you can deduct don't affect the annual amount you can contribute. However, you can never claim a tax deduction for more than what you contributed to your IRA that year.
Get details on contribution limits & deadlines
Keep in mind that whether or not your contribution is tax-deductible shouldn't be the only consideration in choosing an IRA. Before deciding, you should also weigh in on factors like required minimum distributions (RMDs) and taxes on withdrawals.
