watch131719
Returning Member

I have a 401k from a previous employer. I am no longer with the company since last year. Can I deduct my traditional IRA contributions from my taxes this year?

I got a bonus from my past employer for last year that was paid this year. My understanding is that this is considered earned income for this year. I like to contribute this earned income to a traditional IRA for this year. I like to know if I can deduct this contribution from my taxes for this year.