So, I was let go in Dec of 2019. I thought I was being smart by getting the severance payment (reported as salary) in early Jan of 2020 to reduce reportable income in 2019.
My current company doesn't have a pension plan, so I wanted to take the IRA deduction, however, I anticipate the W2 for the 2019 company's payment in 2020 will have Pension Plan checked. Because of that, I can't take an IRA deduction.
Is there a way around this? I may have outsmarted myself in asking for the payment in 2020. I know I can reach out to them, just looking for a different solution.
