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T
thegrayt1
April 1, 2021
Question

We only contributed to a retirement fund for one month, but it will deduct our traditional IRA saying we made too much. Is it legit even if it was only one month?

  • April 1, 2021
  • 1 reply
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1 reply

M
MinhT1
April 1, 2021

If you contributed to a retirement fund at work even for one month, you are considered as covered by a retirement plan at work. On your form W-2, box 13 is checked for Retirement plans.

 

As a covered individual, your eligibility for a deductible IRA may be limited or eliminated.

 

Please read this IRS document for more information.

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