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Posted by Barry Margolin on January 11, 2007, 1:20 am
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dingodog_1979@yahoo.com wrote:
> Both my husband and I were eligible to participate in the
> 401(k) in 2006, however none of us participated. Can we
> still fully deduct our $8,000 IRA contributions (we're MFJ
> and below the AGI phaseout threshold)? All publications I
> read talk about active participants in 401(k) not being able
> to deduct IRA contributions, however it's not clear to me as
> to who is an active participant - one who actually
> contributed to 401(k) or one eligible to contribute. Thanks!
Since you're below the phaseout threshold, why does it matter?
You can deduct the IRA contribution whether you participated
in the 401k or not.
--
Barry Margolin, barmar@alum.mit.edu
Arlington, MA
*** PLEASE don't copy me on replies, I'll read them in the group ***
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