Individual IRA eligibility
For the last year, I worked for 2 employers. I had a 401k Plan with the first employer but I didnt opt for a 401K plan for the second employer. I am trying to reduce the federal tax I am supposed to pay by planning to invest in a Individual IRA. My Salary along with my wife is higher that 150K and we are filing under married filing Jointly status. My question is would I get a tax deductible for the amount I invest in Individual IRA. Since I had a 401k plan for some time with one employer am I eligible for a deductible.Also my w-2 for the first employer has a "X" mark on the retirement. I have invested less than $300 overall in my employers 401k plan.