<360financialliteracy.org> . . "All, part, or none of your traditional IRA contribution may be tax deductible on your federal income tax return.Go to Step One (RT10-05-D07B10)Step Two : How Much Can You Deduct?The amount of your federal income tax deduction depends on a number of factors, including whether you or your spouse is covered by an employer-sponsored retirement plan (e.g., a 401(k) plan), your income tax filing status" . .