Contributions may be tax-deductible up to a maximum of $6,000 per year. If you have a taxable income of at least $6,000 and are under 50 year of age, you can make pre-tax contributions up to $6,000 per year (or $7,000 if you’re age 50 or older). If you or your spouse already have a 401(k) or pension plan at work, the tax-deductible portion of your contribution may be less than $6,000. Contributions to a Traditional IRA are reported on your tax return. Please check with your tax advisor.