Does participation in a company-sponsored retirement plan, such as a 401(k), affect the tax-deductible status of one's traditional IRA? How about the IRA of one's spouse? Thanks.
Hey pjohns:It is not actually your participation in one; it is the existence of one that matters. The way it breaks down is this:If you work at a company where a plan is available (even if you don't participate), cetain income limits kick in that might affect the deductibility.If your work has no plan available to you, there is no income limit on deductibility. Hope this helps!Bofa
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