Paid $3000 to my traditional IRA out of pocket, because thought it would help lower taxes? Is this correct?

[Ashby · Accepted solution]

Yes, it could certainly lower your taxes. However, if you or your spouse contributed to a retirement plan at work, there are income phaseouts where part or all of your contribution may not be deductible. If you did not contribute at work, your contribution is fully deductible. See below for more details.

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