Question

IRA Question

Forum|Forum|6 years ago
February 26, 2020
1 reply
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I retired two years ago but still earn income. When I retired I was required by the employer to transfer my 401(k) account into a traditional personal IRA. In 2019 I had earned income. Am I able to reduce the amount I earned in 2019 by making a pre-tax contribution to my IRA, as I was able to do with my annual 401(k) contributions?

JohnB5677

Maybe, provided you no longer have a retirement plan with your employer, and you had earned income you can contribute to your IRA. You can contribute $6,000 plus an additional $1,000 if you're over the age of 50, for a total contribution of $7,000.

Additional IRS information

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