IRA deduction

[BethJMB]

My total income was under $125k. I owe $7k and looking to reduce. I contributed $5500 to a Roth IRA. Can I open and contribute $6k to a traditional IRA and deduct?

[DawnC]

No.  Roth contributions are not tax-deductible.   For 2021,  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

Your 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.

• IRA deduction limits

What are IRA Recharacterizations?   Contributions to traditional IRAs can be tax deductible, but not Roth IRA contributions.