If I have contributed less than the maximum allowable 2020 contribution limit in my employers 401k plan of $7K, shouldn't I be able to contribute the balance of the maximum allowable limit of $7000 into a traditional IRA and get a tax reduction?
In turbo tax Home and Business software it defined that I was covered by an employer 401k plan and so if I add additional IRA contributions it does not reduce the taxes owed?? Do I change the button that selects that I am covered by an employer 401k plan and just add the additional contributions?
