turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Can I take a traditional Ira deduction if I was covered by a 401k at any time this year?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

4 Replies

Can I take a traditional Ira deduction if I was covered by a 401k at any time this year?

How much, if any, deduction depends on your income level. TurboTax will calculate that for you and you have until April 15, 2025 to decide if you want to contribute to an IRA. 

Can I take a traditional Ira deduction if I was covered by a 401k at any time this year?

Thank you!

 

If I’m out of the income brackets though and I was only covered by a 401k for a short amount of time, is a traditional IRA tax deductible at all?

Can I take a traditional Ira deduction if I was covered by a 401k at any time this year?

If you were "covered" by a workplace retirement plan for even a short time, you are covered for the entire year, and your ability to contribute to a Roth IRA or deduct a traditional IRA is based on the income limits for "covered" employees. 

Can I take a traditional Ira deduction if I was covered by a 401k at any time this year?

That’s what I feared. Thank you again 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies