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New Member
posted Jun 5, 2019 11:38:43 PM

Is traditional IRA deductible if I have roth 401k?

If I have both Roth 401k and traditional IRA, can I claim the IRA contributions as deductions since the Roth 401k contributions are already taxed?

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1 Best answer
Level 15
Jun 5, 2019 11:38:45 PM

If you are covered by a retirement plan at work then how much, if any, of a Traditional IRA contribution is deductible depends on your MAGI and filing status.

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

3 Replies
Level 15
Jun 5, 2019 11:38:45 PM

If you are covered by a retirement plan at work then how much, if any, of a Traditional IRA contribution is deductible depends on your MAGI and filing status.

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

New Member
Jun 5, 2019 11:38:46 PM

So, it doesn't matter whether the retirement plan is traditional 401K or roth 401K?

Level 15
Jun 5, 2019 11:38:48 PM

No - any employer retirement plan.  A 401(k) Roth is still a 401(k).

Covered by a retirement plan at work is usually indicated by box 13 on your W-2.

TurboTax makes that determination if any of the following are true:

1) Box 13 (retirement plan) on your (or spouses) W-2 is checked,
2) Box 12 on your (or spouses) W-2 contains codes D, E, F, S, or AA.
3) You answered “yes” to the “Are you covered by a Retirement Plan at work” in the interview.
4) You have a self-employed retirement plan.