A traditional IRA is a way to save for retirement that gives you tax advantages.
You may be able to claim a deduction on your individual federal income tax return for the amount you contributed to your IRA. See IRA Contribution Limits.
Contribution you make to a traditional IRA may be fully or partially 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.
- Retirement plan at work: 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.
- No retirement plan at work: Your deduction is allowed in full if you (and your spouse, if you are married) aren’t covered by a retirement plan at work.
The charts in the link below show the income range in which your deduction may be disallowed if you or your spouse participates in a retirement plan at work:
IRS.gov
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