Contributing to an IRA can make your retirement years more comfortable, but it can also lower your tax bill for the year you contribute. To deduct your IRA contributions, you need to have a traditional IRA instead of a Roth IRA. Additional restrictions apply based on your income and whether you or your spouse are eligible for a retirement plan through work. Read on to learn the rules for deducting IRA contributions. We’ll cover when you can take the deduction, how much you can deduct, and a few other fact ...