I work for one of UC universities.
My income for 2007 was 100k.
I made no contributions whatsoever to the 403 b and 457 plans that were available to me. My balance in both these plans is $0.
I opened a traditional IRA and put $5,000 into it today. I was told that since I did not contribute to the 403 b and 457 plans, I could deduct the $5,000 as an IRA deduction on the 2007 1040. Is that correct?