I am a government employee. Can I take an IRA deduction if I have a TSP?

[marasle]

I contribute the maximum to my TSP. Can I also contribute to an IRA and then take that deduction. With the changes in tax laws this year, I now owe taxes for the first time since I began filing taxes over 40 years ago. I am looking for ways to lessen or eliminate the amount I owe.

[Coleen3 · Accepted solution]

Maybe, it depends on your income. Since you are already covered by a plan through work, your deduction may be limited or not deductible at all. This link shows a chart of phases outs.

https://www.irs.gov/retirement-plans/plan-participant-employee/2018-ira-contribution-and-deduction-l...