Is 401k considered a retirement plan offered by an employer?

Question

I am trying to brush up on traditional IRA offerings out there. Specifically, I want to know whether the IRA contribution is tax deductible.

The rules state that I can deduct the full contribution amount unless I am covered by an employer retirement plan.

I am enrolled in my employer's 401k program. Is that considered an employer provided retirement plan?

Answer 1

Yes.

See for instance this IRS page, which says in part:

You’re covered by an employer retirement plan for a tax year if your employer (or your spouse’s employer) has a:

Defined contribution plan (profit-sharing, 401(k), stock bonus and money purchase pension plan) and any contributions or forfeitures were allocated to your account for the plan year ending with or within the tax year;