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 eligible to deduct contributions to traditional IRAs up to certain income limits. However, the deduction may be phased out or eliminated depending on their income and filing status.

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