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Question

Can I take a traditional Ira deduction if I was covered by a 401k at any time this year?

Forum|Forum|1 year ago
December 3, 2024
1 reply
0 views

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Employee

How much, if any, deduction depends on your income level. TurboTax will calculate that for you and you have until April 15, 2025 to decide if you want to contribute to an IRA.

djchavianoAuthor

Thank you!

If I’m out of the income brackets though and I was only covered by a 401k for a short amount of time, is a traditional IRA tax deductible at all?

Employee

If you were "covered" by a workplace retirement plan for even a short time, you are covered for the entire year, and your ability to contribute to a Roth IRA or deduct a traditional IRA is based on the income limits for "covered" employees.