It may be 2026, but it’s still possible to lower your 2025 tax bill! If you qualify, you can make a contribution to a traditional IRA up until April 15, 2026, and deduct the amount on your 2025 income tax return. But if you (or your spouse, if applicable) participate in a work-based retirement plan such as a 401(k) and your income exceeds certain limits, your deduction will be phased out. For 2025, eligible taxpayers are allowed to contribute as much as $7,000 ($8,000 if they’re age 50 or older) to an IRA. You also have until April 15 to make 2025 Roth IRA contributions, so long as you haven’t already exceeded the annual maximum. However, Roth contributions aren’t tax-deductible.
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