Yes, if you contribute to a traditional IRA you can claim a deduction on your tax return. You can contribute to the traditional IRA for the year 2018 until the due date of the tax return (April 15). Your deduction may be limited if you (or your spouse, if you are married) are covered by a retirement plan at work and your income exceeds certain levels. Please, see IRA deduction limits for more details.
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.
