Deductible Ira Contributions
March 6th, 2009Question: Tax Pros please – Can I do both? 401k contribution and a tax deductable IRA contribution for 2006 tax year?
I really need a definitive answer. In 2006, I contributed to my company sponsored 401k plan. Can I also make a tax deductible contribution to my IRA in the same year? On my w-2, I have a checked box under “Retirement Plan.” Does it make a difference in tax deductibility if I contribute to a traditional or Roth IRA? Thanks for your help!
Answer: 1) Maybe. If you are single and you make under $50k, you should be able to do a deductible traditional IRA. If you make over $60k and are single, you can not. If you make between $50k and $60k, the $4000 IRA limit is reduced.
2) Only traditional IRAs are deductible. Roths are not.
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