If you or your spouse are not active participants in an employer sponsored pension or profit sharing plan, your IRA contributions are 100% tax deductible. If you or your spouse are active participants, your IRA contributions may still be fully or partially tax deductible depending on your income level. *Please consult your tax advisor for retirement tax benefits. Contribution Limits for the 2020 and 2021 Tax Year $6,000 for individuals, $12,000 for married couples Catch up contributions for IRA owners 50 years or older is an additional $1,000