To reduce my income for purposes of financial aid for my child, I’d like to contribute to a deductible IRA for 2008 by the April 15, 2009 filing deadline. My husband contributes to a 401(k) plan; I could have contributed to a 401(k) plan at my

To reduce my income for purposes of financial aid for my child, I’d like to contribute to a deductible IRA for 2008 by the April 15, 2009 filing deadline. My husband contributes to a 401(k) plan; I could have contributed to a 401(k) plan at my job but never did. Can I make a deductible IRA contribution?

The contribution may be fully or partially deductible or nondeductible, depending on whether you are viewed as an “active participant” in your company’s plan and your combined modified adjusted gross income (MAGI). First, determine whether you are considered to be an “active participant” in your company’s 401(k) plan, even though you haven’t made any contributions. Look at box 13 on your Form W-2 to see whether it indicates that you are an active participant.

If you are an active participant, you can make a fully deductible IRA only if your (and your spouse’s) MAGI in 2008 does not exceed $85,000; a partial deduction is allowed if MAGI is between $85,000 and $105,000. No deduction can be claimed if MAGI exceeds $105,000.

If you are not an active participant but your spouse is, you can make a fully deductible IRA only if your (and your spouse’s) MAGI in 2008 does not exceed $159,000; a partial deduction is allowed if MAGI is between $159,000 and $169,000. No deduction can be claimed if MAGI exceeds $169,000.