Deductible Contributions to Traditional IRA

Forum|Forum|2 years ago
March 26, 2024
2 replies
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I have a ROTH 401k (post tax) through work, am I allowed to deduct my contributions to my traditional IRA?

Best answer by DavidD66

Being able to contribute to a Roth 401(k) at work does not eliminate the eligibility to deduct a Traditional IRA contribution. But being covered by a "retirement plan" at work does significantly affect the income limits for deducting an IRA contribution.

DoninGA

Employee

Go to this IRS website for the deduction limits for an IRA when you have a retirement plan at work - https://www.irs.gov/retirement-plans/2023-ira-deduction-limits-effect-of-modified-agi-on-deduction-if-you-are-covered-by-a-retirement-plan-at-work

cmontgom21Author

Thank you for the response, I have read that information, but am still unclear. So it makes no difference that my 401k at work is post tax contributions, I cannot make tax deductible contributions to my IRA?

Regards

DavidD66Answer

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