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Can i contribute to a traditional ira if i have a 401k at work?
UPDATED FOR TAX YEAR 2019
Yes. Even though you are covered by a retirement plan, you can still contribute to a traditional IRA and get a deduction, it just may be reduced. If you are--
Single, and your modified adjusted gross income is:
- $64,000 or less - You get the full deduction
- more than $64,000 but less than 74,000 - partial deduction
- $74,000 or more - no deduction
Married filing joint return, and your modified adjusted gross income is:
- $103,000 or less - You get the full deduction
- more than $103,000 but less than $123,000 - partial deduction
- $123,000 or more - no deduction
Married filing separately*, and your modified adjusted gross income is:
- less than $10,000 - partial deduction
- $10,000 or more - no deduction
*Married individuals filing separately who live apart at all times during the year are treated as single.
[NOTE: There is no impact on Roth IRA contributions if you are covered by an employer retirement plan. These contributions, however, are not deductible on your return.]
Only contributions to a traditional IRA can be deducted on your return. To enter contributions to a Traditional IRA in TurboTax, please follow these steps:
- Click on Federal Taxes > Deductions & Credits [In TT Self-Employed: Personal > Deductions & Credits > I'll choose what I work on].
- Scroll down to the Retirement and Investments section and click on the Start/Revisit box next to Traditional and Roth IRA Contributions.
- On the Traditional IRA and Roth IRA screen, mark the box for Traditional IRA and click Continue.
- On the screen, Did you Contribute to a Traditional IRA? click the Yes box.
- Click the appropriate box on Is This a Repayment of a Retirement Distribution?
- On the Tell Us How Much You Contributed screen, enter the amount of your contribution and click Continue.
- Continue through the screens, entering the requested information.
For more details on IRAs, please see the following IRS Publications:
- Publication 590-A - Contributions to Individual Retirement Arrangements (IRAs)
- Publication 590-B - Distributions from Individual Retirement Arrangements (IRAs)
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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Can i contribute to a traditional ira if i have a 401k at work?
UPDATED FOR TAX YEAR 2019
Yes. Even though you are covered by a retirement plan, you can still contribute to a traditional IRA and get a deduction, it just may be reduced. If you are--
Single, and your modified adjusted gross income is:
- $64,000 or less - You get the full deduction
- more than $64,000 but less than 74,000 - partial deduction
- $74,000 or more - no deduction
Married filing joint return, and your modified adjusted gross income is:
- $103,000 or less - You get the full deduction
- more than $103,000 but less than $123,000 - partial deduction
- $123,000 or more - no deduction
Married filing separately*, and your modified adjusted gross income is:
- less than $10,000 - partial deduction
- $10,000 or more - no deduction
*Married individuals filing separately who live apart at all times during the year are treated as single.
[NOTE: There is no impact on Roth IRA contributions if you are covered by an employer retirement plan. These contributions, however, are not deductible on your return.]
Only contributions to a traditional IRA can be deducted on your return. To enter contributions to a Traditional IRA in TurboTax, please follow these steps:
- Click on Federal Taxes > Deductions & Credits [In TT Self-Employed: Personal > Deductions & Credits > I'll choose what I work on].
- Scroll down to the Retirement and Investments section and click on the Start/Revisit box next to Traditional and Roth IRA Contributions.
- On the Traditional IRA and Roth IRA screen, mark the box for Traditional IRA and click Continue.
- On the screen, Did you Contribute to a Traditional IRA? click the Yes box.
- Click the appropriate box on Is This a Repayment of a Retirement Distribution?
- On the Tell Us How Much You Contributed screen, enter the amount of your contribution and click Continue.
- Continue through the screens, entering the requested information.
For more details on IRAs, please see the following IRS Publications:
- Publication 590-A - Contributions to Individual Retirement Arrangements (IRAs)
- Publication 590-B - Distributions from Individual Retirement Arrangements (IRAs)
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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