No. of Recommendations: 0
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.
Print the post  


The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.