https://ttlc.intuit.com/community/retirement/discussion/can-i-make-a-contribution-to-a-traditional-ira-in-order-to-reduce-my-tax-liability/01/319393#M27787 <P>My husband and I are both eligible to participate in our employers' 401k plans but are not participating.</P> Mon, 03 Jun 2019 19:07:18 GMT kellibusby0102 2019-06-03T19:07:18Z https://ttlc.intuit.com/community/retirement/discussion/can-i-make-a-contribution-to-a-traditional-ira-in-order-to-reduce-my-tax-liability/01/319393#M27787 <P>My husband and I are both eligible to participate in our employers' 401k plans but are not participating.</P> Mon, 03 Jun 2019 19:07:18 GMT https://ttlc.intuit.com/community/retirement/discussion/can-i-make-a-contribution-to-a-traditional-ira-in-order-to-reduce-my-tax-liability/01/319393#M27787 kellibusby0102 2019-06-03T19:07:18Z https://ttlc.intuit.com/community/retirement/discussion/it-will-depend-on-your-income-if-you-have-over-121-000/01/319405#M27791 <P>It will depend on your income.&nbsp; If you have over 121,000 of modified adjusted gross income, your deduction can be limited or phased-out.&nbsp; Whether or not you actually contribute to your 401(k) doesn't matter.&nbsp; What matters is that your employer has a plan, and that limits your income for the purpose of the deduction.</P> Mon, 03 Jun 2019 19:07:19 GMT https://ttlc.intuit.com/community/retirement/discussion/it-will-depend-on-your-income-if-you-have-over-121-000/01/319405#M27791 DanielV01 2019-06-03T19:07:19Z