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sirabi-cat
Level 1

Can I deduct contributions to my traditional IRA? I have a 401k and an old pension (no more contributions). Income is less than $66k.

 
5 Replies
JohnB5677
Expert Alumni

Can I deduct contributions to my traditional IRA? I have a 401k and an old pension (no more contributions). Income is less than $66k.

Yes, you can contribute to both a 401(k) and an IRA, but if your income exceeds the IRS limits, you might lose out on one of the tax benefits of the traditional IRA.

 

In 2021 the income limits will start phasing out and end in these ranges.

Single  $66,000 - $76,000

MFJ  $105,000 - $125,000

MFS  $0 - $10,000

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SweetieJean
Level 15

Can I deduct contributions to my traditional IRA? I have a 401k and an old pension (no more contributions). Income is less than $66k.

You must have earned income from working to contribute to an IRA.

sirabi-cat
Level 1

Can I deduct contributions to my traditional IRA? I have a 401k and an old pension (no more contributions). Income is less than $66k.

Thank you! So, if I'm reading this correctly... I can deduct contributions to my IRA (up to the allowed limit) if my income was less than $66K. Which it was. And the contributions came straight from my paycheck. What form do I need to check for?

sirabi-cat
Level 1

Can I deduct contributions to my traditional IRA? I have a 401k and an old pension (no more contributions). Income is less than $66k.

I did. It was less than $66K

VolvoGirl
Level 15

Can I deduct contributions to my traditional IRA? I have a 401k and an old pension (no more contributions). Income is less than $66k.

It came out of your paychecks?  Then it might not be a IRA but a 401K or something else.  Is it on your W2 like in box 12?   

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