Traditional IRA contributions may be tax-deductible. The deduction may be limited if you (or your spouse) is covered by a retirement plan at work and your income exceeds certain levels. Please see the deduction limits below:
Also, for 2018, your total contributions to all of your traditional and Roth IRAs cannot be more than:
- $5,500 ($6,500 if you’re age 50 or older), or
- your taxable compensation for the year, if your compensation was less than this dollar limit.
