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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: 08/04/2012

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: 08/04/2012

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

In general, an amount contributed to a 401(k) account cannot be used as an IRA deduction.  However, if the 401(k) plan has a deemed IRA feature, contributions to the deemed IRA may be deductible in accordance with the IRA contribution rules.
A pre-tax 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. Deemed IRA contributions are included in box 1 and you use the normal IRA contributions rules to determine their deductibility.