Can someone please tell me if we would be able to deduct an IRA? I don't understand the terminology "qualifying retirement plan." My husband contributes to a company 401k plan in which the company matches a certain percentage of his contributions. There is no pension plan available. Our AGI was 70k last year. I work part time and pay into the teacher retirement system. Can we deduct IRA's? I have searched the IRS publication and just can't find the definitions for the terminology used. I haven't found it on the Fool yet either. Thanks! The 401k is a "defined benefit pension plan" You are subject to income limits to be deductible. Unfortunately, for the deduction at least, your over the limit. You can do a Roth, which is what I'd do anyway.
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