It depends, generally you can deduct. In fact, the usual deduction is 6,000 but if you are aged 50 or older you can currently contribute and deduct up to 7,000 of earned income into a traditional IRA if you meet the income/other limits for 2022 see this article for qualifications.
For 2023, the total contributions you make each year to all of your traditional IRAs and Roth IRAs can't be more than:
- $6,500 ($7,500 if you're age 50 or older), or
- If less, your taxable compensation for the year
For 2022, 2021, 2020 and 2019, the total contributions you make each year to all of your traditional IRAs and Roth IRAs can't be more than:
- $6,000 ($7,000 if you're age 50 or older), or
- If less, your taxable compensation for the year
Traditional and Roth IRAs allow you to save money for retirement.
Who can contribute?
Traditional IRA
You can contribute if you (or your spouse if filing jointly) have taxable compensation. Prior to January 1, 2020, you were unable to contribute if you were age 70½ or older.
Roth IRA
You can contribute at any age if you (or your spouse if filing jointly) have taxable compensation and your modified adjusted gross income is below certain amounts (see and 2022 and 2023 limits).
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