married couple filing joint, 1 has employer plan, 1 changed job from 1 has emplyer plan to 1 has not, IRA?

Question

My wife and I filing tax return, 1 has an employer plan, 1 changed job from one that has emplyer plan to one that does not have employer plan, can we still contribute to traditional IRA as dedutable?

Answer 1

You can both contribute $4000 each to a Roth or Traditional IRA account. You have until April 17th 2007 to put the money in for 2006. Having a retirement plan through your work does not effect you in having an IRA account, I have both as does my wife.