Can I now contribute to a tax-deductible IRA if I lost my job, where I had contributed to a 401k in that same year?

Also, my wife is employed and contributes to a 401k. My age is 57.

401(k), IRAs
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September 2017
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It depends on your income.

1) As an employee with a 401k at work in 2017, the maximum household income for a full deduction is $99,000 if you are filing your taxes jointly. You can get a partial deduction up to $119,000.

2) If your income is more than that, you can invest in a Roth IRA. The limit for this type of account is $186,000.

3) Going forward, you can only make contributions if you have earned income. However, your wife can make a contribution for you.

I hope this helps.

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