You may be able to deduct some or all of your traditional IRA contributions from your taxes, depending on your income level and filing status. If you are not covered by a retirement plan at work, such as a 401(k), you can deduct your full contribution, regardless of your income. If you are covered by a retirement plan at work, your deduction may be limited or eliminated if your modified adjusted gross income (MAGI) exceeds certain thresholds. For 2023, the thresholds are:
$68,000 to $83,000 for single or head of household filers
$109,000 to $129,000 for married couples filing jointly or qualifying widow(er)s
$0 to $10,000 for married couples filing separately
You can use IRS Form 1040 or 1040-SR to claim your deduction.