Maybe.
Contributions to a traditional individual retirement account can be tax-deductible in the year you make them. Different IRS rules on IRA contributions apply to differing situations. However,
- You can generally deduct the full amount of an IRA contribution if you and your spouse aren't covered by retirement plans at work.
- If you and your spouse are covered, your contribution might be limited based on your adjusted gross income.
For example, if you are in the top tax bracket of 37% and make a $6,000 deductible contribution—the maximum for 2022—you can save as much as $2,220 in taxes based on 2022 tax rates.
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 IRA AGI Deduction Phase-out Starting at:
- $109,000 (Joint Return)
- $68,000 (Single or Head of Household)
IRS Retirement Topics - IRA Contributions Limits
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