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    randypape's Avatar
    randypape Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Feb 2, 2011, 06:13 PM
    IRA and Profit Sharing Plan ?
    Hello, My work has a company sponsored profit sharing plan where they put 15% of my gross wages away per year into a managed fund by them. I don't put and can't add anything to this plan. My question is, can I have a separate IRA ,seeing I'm not able to do anything with this one. I really need a tax break /write off's so an IRA would really help. My Wife has a 401K at her job but we're still getting hit by taxes without many deductions. Thanks for any replies. Randy
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Feb 11, 2011, 11:31 PM
    Sorry, but your wife's participation in HER 401K plan makes it hard for you to contribute to a traditional IRA and deduct the contributions.
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