Yes, if you are covered by a Simple IRA through your job, you can also contribute to a Traditional IRA.
Whether or not your contribution to a Traditional IRA is Deductible depends on your Modified Adjusted Gross Income (MAGI) and Filing Status.
Because you are covered by an Employer Sponsored Retirement Plan, Your Simple IRA, your ability to make a Deductible IRA Contribution phases out when your MAGI hits certain levels based on your filing status:
- Married Filing Joint or Qualified Widow: Phases out between $99,000-$119,000
- Single or Head of Household: Phases out between $62,000-$72,000
- Married Filing Separate: Phases out between $0 - $10,000. (Married individuals who live apart at all times during the year are treated as Single).
If you meet all of the qualifications to make a Deductible IRA Contribution but it still isn't showing on your Tax Return, please comment below so we can help you further.
For more information check out the TurboTax FAQ below: https://ttlc.intuit.com/replies/3301534
