Is an IRA contribution deductible?

Roth IRA contributions aren't deductible.

Traditional IRA contributions may be deductible in whole or in part. It’s an above-the-line tax deduction, which means it lowers your taxable income, and may also help you qualify for other deductions and credits that depend on your income level. You can contribute up to the lesser of the allowable contribution limit, or your income level. For info on excess contributions, see How do I know if I contributed too much to my traditional IRA? 

If for 2024 you (or your spouse if you’re filing a joint tax return) are covered by an employer-sponsored retirement plan at work, your deduction may get reduced or eliminated, if your Modified Adjust Gross Income (MAGI) is within or above a range as follows:

• Below the range means full deduction up to the allowable contribution limit.
• Within the range means a reduced deduction.
• Above the range means no deduction.

If you’re covered by a retirement plan and your filing status is:

• Single, head of household, or married filing separately (not living with spouse): The range is (MAGI) $77,000 - $87,000.
• Married filing jointly or qualified widow(er): The range is MAGI of $123,000 - $143,000.
• Married filing separately (living with spouse): The range is MAGI of $0 – $10,000.

If your spouse was covered by a retirement plan and you weren’t, and you're:

• Filing jointly: The range is Magi of $230,000 - $240,000.
• Filing separately (living with spouse): The range is MAGI of $0 – $10,000.