I have a 401k, can I open an IRA to get federal tax deductions for 2018

[michaelmoody]

I am on the retirement investments section in Turbo Tax and its says it is not too late to open up a tax-deductible IRA to get a federal tax deduction for 2018.  I am 50 years old.  I have a 401k with my employer so I don't know if this prevents me from opening a tax-deductible IRA to get a federal tax deduction for 2018.

[Ashby · Accepted solution]

It depends on your income. You can contribute to a traditional IRA and take a deduction while you are covered by a 401k at work. However, income limits do apply. See image below for those restrictions.