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Level 2
posted Mar 10, 2022 7:00:26 AM

Can I make a deductible IRA contribution if I only made ROTH 401K contributions?

Hello!

 

We are self employed ( I am a sole proprietor and husband has single person LLC (S-corp) ) and both have 401k solo plans with both a traditional and Roth account. For 2021, we only contributed to the Roth 401K accounts. Can we make deductible traditional IRA contributions or would we be considered "covered by a plan at work" and is it not deductible? 

 

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1 Replies
Expert Alumni
Mar 10, 2022 7:35:47 AM

Yes, you are  considered "covered by a plan at work".  Participation in a solo 401k plan may affect your ability to deduct a traditional IRA contribution; as a result, you may have to treat it as non-deductible IRA contribution.

Use the table in the link below to determine if your modified AGI affects the amount of your IRA deduction.

2021 IRA Deduction Limits