Ask the Advisor - If I maximize a 403(b) and 457 ($16,500 each) can I participate in an IRA and get the tax deduction?

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If I maximize a 403(b) and 457 ($16,500 each) can I participate in an IRA and get the tax deduction? I think the max for that is $6,000/year.

Regarding the deduction for a traditional IRA, see the answer here. Also note that the maximum contribution to an IRA in 2011 is $5,000; $6,000 if you are age 50 or older.

Important Note: CTA does not give tax, legal or investment advice. You should meet with your tax, legal, and/or investment advisor to determine the best fit for your situation.

Seminar Questions – Retirement Planning

If I maximize a 403(b) and 457 ($16,500 each) can I participate in an IRA and get the tax deduction? I think the max for that is $6,000/year.

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