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Posted by dingodog_1979 on January 10, 2007, 9:57 pm
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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!
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