thanks to both of you for replying - but the real question remains... so here the key points..
- I have a W2from previous employer for a delayed bonus payment
- so I can contribute to a Trad IRA
- when I plug in into TT - the deduction is changing depending how I answer the question about having a "qualified retirement plan"
- I was retired last year and did not work
- I have an existing 401k - but no contributions were made as I was retried
- I am collecting a company pension from previous employer
the question is if having a 401k or company pension then means I Have a "qualified retirement plan"
if yes then TT tax savings of making an IRA contribution seems very little versus if NO then it looks as the whole contribution reduces my taxable
so please let me know if my 401k/pension are qualified
and also would like to know why in one case the IRA contribution does not reduces taxes as much as in other case....
thanks
