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L
lmforman
March 8, 2023
Question

Retired July 2022 and IRA contribution

  • March 8, 2023
  • 1 reply
  • 0 views

I retired July 1, 2022, therefore the first 6 months of 2022 I was covered under a 403B with my employer.

May I contribute to an IRA up until April , 2022 and if so will it be tax deductible?

Thank you,

 

    1 reply

    M
    MinhT1
    March 8, 2023

    It depends on your filing status and Modified Adjusted Gross Income (MAGI).

     

    You are considered as covered by a retirement plan in 2022 even I only worked only part of the year.

     

    Please check this IRS table to see if a contribution to a Traditional IRA would be deductible for tax year 2023. You have until April 18, 2023 to make an IRA contribution for tax year 2022.

     

     

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