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Author: 92Tiger Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121061  
Subject: IRA deductions for non 401k Date: 12/16/1998 11:11 AM
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Do the same IRA deductibilty rules apply for a state employee who IS a contributor to their state sponsored retirement plan. It is not a 401k but a state administered pension.
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Author: TMFTaxes Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 7277 of 121061
Subject: Re: IRA deductions for non 401k Date: 12/16/1998 8:07 PM
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[[Do the same IRA deductibilty rules apply for a state employee who IS a contributor to their state
sponsored retirement plan. It is not a 401k but a state administered pension.]]

Yup...they sure do.

You are considered a "participant" in a qualified pension/profit sharing/deferred compensation plan. That being the case, the deductibility of your regular IRA contributions may be limited by your AGI.

BUT...you may be able to use a Roth IRA contribution instead. There are still AGI limits that you must meet in order to make a Roth IRA contribution, but they are generally much higher than the IRA deductibility limits.

For additional reading on the IRA deduction limits AND the Roth IRA AGI limitations, see my posts on those subjects in the Taxes FAQ area (archives section).

TMF Taxes
Roy

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