If you or your spouse is covered by a workplace retirement plan like a 401(k), you can fund a traditional IRA and deduct the full contribution, or a portion of it, only if you meet certain income requirements (see table). Whether or not to invest in a traditional IRA is something to discuss with your tax professional. As you look to take advantage of the many ways the IRS tries to help people save for retirement, you should consider your overall tax picture. Your retirement is important, and it's a discussion you need to have with your accountant or tax professional.