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December 2, 2019
Question

401k and deductible IRA in same year

  • December 2, 2019
  • 1 reply
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I am 52 yrs old, was a W-2 employee in 2019 till September and contributed $17,000 to 401k. Then I switched to another company, working on W-2, but company only offers 401k  after 1-year. Can I make a deductible contribution of $7,000 to an individual IRA in 2019?

    1 reply

    DoninGA
    Employee
    December 2, 2019

    See this IRS website for any limits to an IRA deduction when covered by a retirement plan at work - https://www.irs.gov/retirement-plans/2019-ira-deduction-limits-effect-of-modified-agi-on-deduction-if-you-are-covered-by-a-retirement-plan-at-work