Only traditional IRA contributions are potentially tax-deductible.
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Individual retirement arrangements allow you to save money for retirement without having to go through an employer plan, which gives you more flexibility in your investment options. Whether you can claim a tax deduction for money that you contribute to your IRA depends on which type of IRA you're investing in and whether you participate in an employer-sponsored retirement plan, such as a 401(k) plan.
No Employer Plan
If you're single and don't have an employer retirement plan, you can deduct all of your traditional IRA contributions up to the annual contribution limit. If you're married, even if you file a separate return from your spouse, neither you nor your spouse can be covered by an employer plan in order
for you to automatically qualify to deduct your entire traditional IRA contribution limit. If you're not sure if you're covered look on the Form W-2 your employer sends you at the end of the year. If the "retirement plan" box in Box 13 is checked, you're a participant.
Employer Plan Participation
If either you or your spouse -- if married -- participate in an employer plan, you can only deduct your contribution if your modified adjusted gross income falls below the annual limits set by the IRS in Publication 590. The limits depend on your filing status and whether you or your spouse is covered. These limits also have a phaseout range, which is an income range over which your deduction limit decreases as your income increases, rather than the deduction being an all-or-nothing proposition.
Calculating Deduction Limits