You may be able to claim a deduction on your individual federal income tax return for the amount you contributed to your IRA.
Roth IRAs
Roth IRA contributions aren’t deductible.
Traditional IRAs
- Retirement plan at work: Your deduction may be limited if you (or your spouse, if you are married) are covered by a retirement plan at work and your income exceeds certain levels.
- No retirement plan at work: Your deduction is allowed in full if you (and your spouse, if you are married) aren’t covered by a retirement plan at work.
These charts show the income range in which your deduction may be disallowed if you or your spouse participates in a retirement plan at work:
2022
- IRA Deduction if You ARE Covered by a Retirement Plan at Work - 2022
- IRA Deduction if You Are NOT Covered by a Retirement Plan at Work - 2022 (deduction is limited only if your spouse IS covered by a retirement plan)
2021
- IRA Deduction if You ARE Covered by a Retirement Plan at Work - 2021
- IRA Deduction if You Are NOT Covered by a Retirement Plan at Work - 2021 (deduction is limited only if your spouse IS covered by a retirement plan)
See Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs), for additional information, including how to report your IRA contributions on your individual federal income tax return.
