Taxpayers who participate in an employer-sponsored retirement plan are not allowed to contribute to individual retirement accounts (IRAs).

Name: Taxpayers who participate in an employer-sponsored retirement plan are not allowed to contribute to individual retirement accounts (IRAs).
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Question

Quizplus · Accepted Answer

Taxpayers can contribute to IRAs even if they participate in an employer-sponsored retirement plan, but their ability to deduct contributions may be limited based on income levels.

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