You may be able to claim a deduction on your individual federal income tax return for the amount you contributed to your IRA. See IRA contribution limits. 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: 2024 IRA deduction if you are covered by a retirement plan at work - 2024 IRA deduction if you are not covered by a retirement plan at work - 2024 (deduction is limited only if your spouse is covered by a retirement plan) 2023 IRA deduction if you are covered by a retirement plan at work - 2023 IRA deduction if you are not covered by a retirement plan at work - 2023 (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.
