Your traditional IRA contributions may be tax-deductible. The deduction may be limited if you or your spouse are covered by a retirement plan at work and your income exceeds certain levels. If you (and your spouse, if applicable) aren't covered by your employer's retirement plan, your traditional IRA contributions are fully tax-deductible. Counting your IRA contributions as tax deductions depends on the type of IRA you invest in, the retirement plan your employer offers, and your income.
For those looking to invest in a Gold IRA, it is important to research and understand the process. A Gold IRA buyers guide can provide helpful information on how to get started.