IRA deduction with a 401(k)
Up to $7,500
Can You Write Off IRA Deduction with a 401?
Short answer: You can contribute to both, but a traditional IRA deduction phases out if you're covered by a workplace plan and your income is above the limit.
Nondeductible contributions can still be converted to Roth.
Records to keep: Keep receipts, statements (1098, 1098-T, 1099, W-2G), and a note of what each cost was for. Compare itemizing to the 2026 standard deduction before you claim.
IRA deduction with a 401(k)
Typical range: Up to $7,500
Individuals / Personal Taxes
You can contribute to both, but a traditional IRA deduction phases out if you're covered by a workplace plan and your income is above the limit.
Business justification
You can contribute to both, but a traditional IRA deduction phases out if you're covered by a workplace plan and your income is above the limit. Nondeductible contributions can still be converted to Roth.
Category
- Personal Tax Deductions