Yes, if you are covered by a Simple IRA through your job, you can also contribute to a Traditional IRA. Whether or not your contribution to a Traditional IRA is Deductible depends on your Modified Adjusted Gross Income (MAGI) and Filing Status. Because you are covered by an Employer Sponsored Retirement Plan, Your Simple IRA, your ability to make a Deductible IRA Contribution phases out when your MAGI hits certain levels based on your filing status: Married Filing Joint or Qualified Widow: Phases out between $99,000-$119,000 Single or Head of Household: Phases out between $62,000-$72,000 Married Filing Separate: Phases out between $0 - $10,000. (Married individuals who live apart at all times during the year are treated as Single).If you meet all of the qualifications to make a Deductible IRA Contribution but it still isn't showing on your Tax Return, please comment below so we can help you further.For more information check out the TurboTax FAQ below: https://ttlc.intuit.com/replies/3301534

Employee

Question

Can I deduct both Simple IRA and Traditional IRA contributions?

Forum|Forum|7 years ago
June 6, 2019
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RachelW33

Yes, if you are covered by a Simple IRA through your job, you can also contribute to a Traditional IRA.

Whether or not your contribution to a Traditional IRA is Deductible depends on your Modified Adjusted Gross Income (MAGI) and Filing Status.

Because you are covered by an Employer Sponsored Retirement Plan, Your Simple IRA, your ability to make a Deductible IRA Contribution phases out when your MAGI hits certain levels based on your filing status:

Married Filing Joint or Qualified Widow: Phases out between $99,000-$119,000
Single or Head of Household: Phases out between $62,000-$72,000
Married Filing Separate: Phases out between $0 - $10,000. (Married individuals who live apart at all times during the year are treated as Single).

If you meet all of the qualifications to make a Deductible IRA Contribution but it still isn't showing on your Tax Return, please comment below so we can help you further.

For more information check out the TurboTax FAQ below: https://ttlc.intuit.com/replies/3301534

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T

TheBusinessBoyAuthor

Employee

Quick question with that, would the Simple IRA deduction be deductible if the traditional IRA one isn't? Or would both not be deductible? Not really sure on that as well.