Alternatives for 401K contribution for tax deduction
Last year 2011, I contributed to 401(K) (roll over from employer) hoping I can claim deduction. To my surprise, TurboTax calculation gave zero deduction due to AGI (married filing jointly) exceeding $110,000 somekinda restriction . If I convert to traditional IRA, can I claim my contribution as deduction in 2012 filing? Whats the catch wit regular IRA. I plan to take out before 59.5. please advice whats best.