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Level 1

Can i contribute to a traditional ira if i have a 401k at work?

 
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Level 1

Can i contribute to a traditional ira if i have a 401k at work?

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:

  • $61,000 or less - You get the full deduction
  • more than $618,000 but less than 71,000 - partial deduction
  • $71,000 or more - no deduction

Married filing joint return, and your modified adjusted gross income is:

  • $98,000 or less - You get the full deduction
  • more than $98,000 but less than $118,000 - partial deduction
  • $118,000 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:

  1. Click on Federal Taxes > Deductions & Credits  [In TT Self-Employed:  Personal > Deductions & Credits > I'll choose what I work on].
  2. Scroll down to the Retirement and Investments section and click on the Start/Revisit box next to Traditional and Roth IRA Contributions.  [See Screenshot #1, below.]
  3. On the Traditional IRA and Roth IRA screen, mark the box for Traditional IRA and click Continue[Screenshot #2]
  4. On the screen, Did you Contribute to a Traditional IRA?  click the Yes box.  [Screenshot #3]
  5. Click the appropriate box on Is This a Repayment of a Retirement Distribution?  [Screenshot #4]
  6. On the Tell Us How Much You Contributed screen, enter the amount of your contribution and click Continue[Screenshot #5]
  7. Continue through the screens, entering the requested information.




For more details on IRAs, please see the following IRS Publications:



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Level 1

Can i contribute to a traditional ira if i have a 401k at work?

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:

  • $61,000 or less - You get the full deduction
  • more than $618,000 but less than 71,000 - partial deduction
  • $71,000 or more - no deduction

Married filing joint return, and your modified adjusted gross income is:

  • $98,000 or less - You get the full deduction
  • more than $98,000 but less than $118,000 - partial deduction
  • $118,000 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:

  1. Click on Federal Taxes > Deductions & Credits  [In TT Self-Employed:  Personal > Deductions & Credits > I'll choose what I work on].
  2. Scroll down to the Retirement and Investments section and click on the Start/Revisit box next to Traditional and Roth IRA Contributions.  [See Screenshot #1, below.]
  3. On the Traditional IRA and Roth IRA screen, mark the box for Traditional IRA and click Continue[Screenshot #2]
  4. On the screen, Did you Contribute to a Traditional IRA?  click the Yes box.  [Screenshot #3]
  5. Click the appropriate box on Is This a Repayment of a Retirement Distribution?  [Screenshot #4]
  6. On the Tell Us How Much You Contributed screen, enter the amount of your contribution and click Continue[Screenshot #5]
  7. Continue through the screens, entering the requested information.




For more details on IRAs, please see the following IRS Publications:



View solution in original post