Can i deduct contributions to my IRA if I also made contributions to my companies(unmatched) 401k

[chubbychu · Accepted solution]

Based on my very basic understanding, the answer is yes, but it depends on how much you make. 

If your modified adjusted gross income is more than 71k for 2016 you won't be able to but you'll still want to report it so that you aren't double taxed in the future. 

Under 61k and you'll get the full deduction and between 61k and 71k you'll get a partial deduction for your IRA