@april15comingsoo wrote:
Thanks for the replies. Sounds like I would have been better off not participating in my — very temporary — company’s retirement plan. There was no match. It’s one of those situations where you’re basically a contractor but they pay you on a W2. Is the key to being able to consider a higher income level for deductibility whether a plan is simply offered, or if you participate in it?
The limits for deducting contributions to a traditional IRA depend on your income, your filing status, and whether or not you "participate" in a workplace retirement plan. There is a chart here.
https://www.irs.gov/retirement-plans/ira-deduction-limits
Unfortunately, you are considered for income taxes to "participate" if you were enrolled even for a very short time and even if there was no match.
