This is the first year that we have maxed husbands 401k to $18,000 and both our Traditional IRA's at $5,500 each. (Yea us!!) In checking out tax calculators for 2017 to get an estimate on what we may owe extra in federal taxes, I keep seeing this come up....
"If you are covered by a 401k plan at work, you will receive no tax deduction for your contribution to an IRA."
Does this apply for both of our IRA's, or just my husbands as I do not have a 401k plan at my job?