Can I deduct a traditional IRA contribution if I'm self employed with an AGI of $146,722? My husband is covered by an employer sponsored retirement plan.

[lingelj]

We file married filing jointly. I am self employed with a SEP IRA and individual 401 (K) plan. Does this classify me as having an "employer sponsored plan"? TurboTax says I can not deduct the traditional IRA contribution, but IRS instructions show that if your spouse is covered by an employer sponsored plan and you are not, a full deduction for traditional IRA is allowed for AGI <189K.

[Ashby]

Your analysis is correct except for the 401 (K) plan. A solo plan is treated just like any other 401(K), so you are not eligible for an IRA deduction.