My husband has a retirement plan (401K) at work. I dont. Our AGI is between 155 and 160K, would I be able to open/contribute to an IRA and take the deduction?

Also, would it make a difference if it was a traditional or Roth IRA?I don't want to upgrade to premier if the answer is no.

posted

Yes, you can make a deductible contribution to a traditional IRA with up to $193,000 in AGI in you scenario.

You could also contribute to a Roth at your income level, but Roth contributions are never deductible.

Do you have an Intuit account?