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IRS.gov Website

Frequently Asked Tax Questions

Individual Retirement Arrangements (IRAs) - Traditional IRA

  1. I want to establish a traditional individual retirement arrangement (IRA) for my spouse, and I need additional information. What is the most I can contribute to a spousal IRA during the tax year?
  2. Can I take an IRA deduction for the amount I contributed to a 401(k) plan last year?

Rev. date: 1/19/2011

I want to establish a traditional individual retirement arrangement (IRA) for my spouse, and I need additional information. What is the most I can contribute to a spousal IRA during the tax year?


Rev. date: 1/31/2011

Can I take an IRA deduction for the amount I contributed to a 401(k) plan last year?

 

   This 401(k) contribution is already excluded from your Federal (and most state and local) taxable income, as it is not included in box 1 taxable wages of your W-2 form. Note, this answer assumes there is no deemed IRA within the 401(k) plan.