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S
sachinjain
March 29, 2023
Question

How can I contribute to retirement to lower tax bill? Box 13 on W2 is checked as final pay made in 2022 but retired in 2021 so no more 401k contributions. MAGI is high.

  • March 29, 2023
  • 1 reply
  • 0 views
A small contribution to 401k came from 2021 in the 2022 final paycheck.  Retired in 2021 so can I assume that I do NOT have a retirement plan in the tax year 2022 although box 13 is checked on W2?

1 reply

M
MinhT1
March 29, 2023

As you contributed to your 401(k) plan in your final paycheck in 2022 and your 2022 W-2 has box 13 check with retirement plan, you are considered as covered by a retirement plan at work in 2022 and your IRA deductibility is limited as shown in this IRS document.

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