This annual limit is raised to $6,500 if you are 50 or older. This is commonly known as the “catch up” contribution.
Your entire contribution amount may or may not be tax deductible.
For example, being covered by a retirement plan at work or having an Adjusted Gross Income (AGI) that exceeds certain limits can both affect the tax deductibility of your contribution.
Check with your tax advisor or on the IRS site to find out these circumstances can impact your taxes.