I would like to contribute to an IRA and lower my taxable income. Is there a certain type of IRA I must open to be eligible?

[dbarkan2]

I want to be sure to open the proper type of IRA to be eligible for the tax deduction.

[DanaB]

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:

• IRA Deduction if You ARE Covered by a Retirement Plan at Work - 2018
• IRA Deduction if You Are NOT Covered by a Retirement Plan at Work - 2018 (deduction is limited only if your spouse IS covered by a retirement plan)

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.