If married filing jointly, I'm reading we cannot claim traditional IRA contributions if we are "covered by a retirement plan at work." What does this mean?

fredmart · ‎June 4, 2019

Our AGI is approx $222,000

We both have 401K contributions on our W-2

macuser_22 · ‎June 4, 2019

You can contribute but not deduct.

See this IRS link for IRA deduction limits when covered by a retirement plan at work.

https://www.irs.gov/Retirement-Plans/IRA-Deduction-Limits

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

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macuser_22 · ‎June 4, 2019

You can contribute but not deduct.

See this IRS link for IRA deduction limits when covered by a retirement plan at work.

https://www.irs.gov/Retirement-Plans/IRA-Deduction-Limits

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

fredmart · ‎June 4, 2019

Thank you - the link was very helpful!

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If married filing jointly, I'm reading we cannot claim traditional IRA contributions if we are "covered by a retirement plan at work." What does this mean?