Do we save taxes by contributing to IRA

[rajvanshi]

If your income is more than 380k

[MinhT1]

At this level of income, you can only deduct your contribution only if you are not covered by a retirement at work (Single) or if both spouses are not covered by a retirement at work (MFJ).

See this IRS document.

[Boyan]

I'm also finding it incredibly invigorating that W-2 high earners have literally zero way to mitigate taxes by diverting pre-tax income; it's as if the code is designed to punish those W-2 high earners? Then how do the rich "skip" on taxes? Or is this situation the worst medium where one is neither poor nor truly rich hence one gets hammered the most? If you find meaningful answers please do share your ideas! With 401k limit at 30k and IRA at 8k (over the age of 50) that's about it? What about the remaining 342k? Get reamed on income tax?

[NCperson]

@Boyan you asked if you 'save' on taxes by contributing to an Trad IRA.  

you do not 'save' on taxes when contributing to an traditional IRA...you DEFER the tax until retirement under the presumption that tax rates will be lower than during your working years.  

Ask any middle class Baby Boomer retiree how much they are now paying in tax each year due to RMDs.