Q. I am a federal employee with substantial student loan debt. In an effort to maintain my taxable income as low as possible (I am on an income-based repayment), I contribute the maximum allowable amount to my Thrift Savings account. I would, however, like to contribute additional monies to a traditional IRA account but am uncertain if the tax code allows someone to “double dip” by contributing to more than one nontaxable account. The discussions I have read about this issue are inconsistent. I hope you can provide some insight,
A. It is possible to contribute to both, but your eligibility will depend upon your income and marital status. You should refer to IRS Publication 590, one of the many reputable online calculators, or a CPA for specific guidance.