I have a ROTH 401k (post tax) through work, am I allowed to deduct my contributions to my traditional IRA?
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Being able to contribute to a Roth 401(k) at work does not eliminate the eligibility to deduct a Traditional IRA contribution. But being covered by a "retirement plan" at work does significantly affect the income limits for deducting an IRA contribution.
Go to this IRS website for the deduction limits for an IRA when you have a retirement plan at work - https://www.irs.gov/retirement-plans/2023-ira-deduction-limits-effect-of-modified-agi-on-deduction-i...
Thank you for the response, I have read that information, but am still unclear. So it makes no difference that my 401k at work is post tax contributions, I cannot make tax deductible contributions to my IRA?
Regards
Being able to contribute to a Roth 401(k) at work does not eliminate the eligibility to deduct a Traditional IRA contribution. But being covered by a "retirement plan" at work does significantly affect the income limits for deducting an IRA contribution.
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