Can you contribute to an IRA and take a tax deduction if your income is over $250,000? I am assuming no?

Question

Can you contribute to an IRA and take a tax deduction if your income is over $250,000? I am assuming no?

Answer 1

If you have a pension or other retirement plan at any job, then no.  If not, then it doesn't matter how much you make.  The IRS goes by whether there is a checkmark in box 13 of your W-2 to see if your have a retirement plan or not.

Answer 2

See IRS pub 590.

The answer depends on whether you have a "plan" at work. (includes pension, 401K, etc.)

Answer 3

If neither you (nor your spouse if married) are covered by a retirement plan at work, then you (and your spouse) can deduct your full contribution to your IRA(s).  

If either you or your spouse are covered by a retirement plan at work, then your income is exceeds the limit for a deductible IRA.  However, you can still contribute to a traditional IRA, but without a deduction.