Is an IRA deductible?
A Traditional IRA contribution is an above-the-line deduction and directly reduces your taxable income. If you have a high income, this might allow you to qualify for other deductions and credits that you normally wouldn't get based on your income. You must be under age 70 1/2 at the end of the year. You (or your spouse, if filing a joint return), must have earned income, such as wages, salary, alimony or self-employment earnings. Roth IRAs aren't deductible.