Taxpayers who participate in an employer-sponsored retirement plan are not allowed to deduct contributions to individual retirement accounts (IRAs)under any circumstances.

Question

Quizplus · Accepted Answer

Taxpayers who participate in an employer-sponsored retirement plan may still be able to deduct contributions to traditional IRAs up to certain income limits. However, their ability to make contributions to a Roth IRA may be limited based on their income.

Taxpayers Who Participate in an Employer-Sponsored Retirement Plan Are Not