are traditional iras tax deductible
Other traditional IRA advantages. Tax-deductible contributions. If you're not covered by a retirement plan at work, you can deduct the entire amount of your IRA contribution (up to $5,500 annually, or $6,500 if you're 50 or older) on your income tax return. If you are covered by a retirement plan, your income will dictate whether or not your contribution is deductible.