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Ira Contribution In Addition To 457

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A financial planning client (married, joint income over $150,000/yr) has been told by her CPA that she can make a tax deductible contribution to a traditional IRA in addition to funding $9000 to her 457 plan. I can see where she could contribute to other retirement plans on top of a 457 but I can find no guidance about a dedutible IRA contribution. Is this allowed?

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Deductibility of IRA contributions is affected by being an active participant in a qualified plan. The qualified plans that are to be considered are listed in section 219(g) of the Internal Revenue Code. Eligible 457(b) deferred compensation plans are specifically EXcluded from this list.

 

So, absent participation in another qualified plan, the deduction should be allowed.

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