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It depends on your income and if you (or your spouse) have a retirement plan at work.
Traditional IRA contributions may be tax-deductible (reduce your taxable income). But 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 IRA deduction limits for details.
For 2022 the total contributions you make each year to all of your traditional IRAs and Roth IRAs can't be more than:
When you make IRA contributions you might qualify for the Retirement Saver's Credit. Please see What is the 2022 Saver's Credit? for additional information.
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