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Deductions & credits
Yes, this is correct. If the box is checked indicating that you are covered, even if you do not participate, then you may not be eligible to make a deductible contribution to an individual retirement account.
This is ultimately based on your total income in combination with the status of your eligibility to participate in an employer-sponsored plan.
The income limits for taxpayers who are covered by an employer's plan are listed HERE.
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‎April 17, 2021
2:32 PM