Are you or your wife covered under any employer sponsored retirement plans?
If neither you nor your spouse is covered by a retirement plan at work, your deduction is allowed in full.
For contributions to a traditional IRA, the amount you can deduct may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels.
For 2022, $6,000, or $7,000 if you’re age 50 or older by the end of the year; or your taxable compensation for the year.
Your tax return filing deadline (not including extensions). For example, you can make 2022 IRA contributions until April 18, 2023.
Click here for FAQ about IRA's.
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