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?



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;

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.