A single filer who doesn't have an employer-sponsored retirement plan can deduct the full amount of a contribution to a traditional IRA or a Gold Investment Account. You may or may not request a deduction from your contributions to a traditional IRA or Gold Investment Account based on whether you or your spouse are covered by an employer-sponsored retirement plan, your tax status, and your modified adjusted gross income (MAGI). If your income is below the limits, you can request a tax deduction for your contributions to a traditional IRA or Gold Investment Account. Everyone is eligible to make contributions to a traditional IRA or Gold Investment Account, but a tax deduction may not always be available for those contributions. You may be able to request a deduction on your individual federal income tax return for the amount you contributed to your IRA.
If you have a retirement plan at work, or if your spouse does, your ability to deduct contributions depends on whether your income exceeds traditional IRA income limits. When it's time to withdraw your money in retirement, you'll owe taxes on investment gains from a non-deductible IRA, but not on the money you've contributed, as long as you follow the IRA's withdrawal rules.
