AnnetteB6
Expert Alumni

Get your taxes done using TurboTax

First, you must have taxable compensation in order to contribute to an IRA.  So, if you have a W-2 from working in 2022 where the 'retirement plan' box is checked, then you are considered to be 'covered by a retirement plan at work'.  Therefore, your Traditional IRA contribution that is deductible may be limited by your income.

 

If you simply answered the question in the IRA contribution section that you and/or your spouse are 'covered by a retirement plan', then you will need to change your answer to 'not covered'.  If you are currently taking distributions from a retirement plan that was a sponsored plan at your job is not the same thing as being 'covered by a retirement plan' with regard to IRA contributions.

 

To learn more, see the following information from the IRS:

 

Traditional and Roth IRAs

 

@GeoffBey 

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