SusanY1
Expert Alumni

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.

 

@MX-CPA

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