Are IRA contributions tax deductible?
Yes, most IRA tax deductions allow you to reduce your taxable income dollar for dollar by the amount you contribute to a qualifying IRA. You can claim this deduction on your federal tax return, potentially lowering the taxes you owe. However, IRA tax deduction rules vary based on which type of IRA you have and your specific financial situation. For instance, while traditional IRA contributions can be tax deductible, Roth IRA contributions are not