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Retirement tax questions
If you were terminated on 12/31/2021, you are not covered by a "retirement plan" in 2022 (unless you get job with an eligible plan). The employer should not indicate on your 2022 W-2 that you are covered, allowing you to make deductible contributions to an IRA (assuming you otherwise qualify). That said, the way to know for sure what your former employer is going to do, is to either ask them or wait and see what the W-2 says.
For eligibility rules for deducting IRA contributions, see the following IRS pages:
- IRA Deduction if You ARE Covered by a Retirement Plan at Work - 2022
- IRA Deduction if You Are NOT Covered by a Retirement Plan at Work - 2022 (deduction is limited only if your spouse IS covered by a retirement plan)
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‎February 17, 2022
3:41 PM