rds51
New Member

I dont contribute to a 401K at work but my employer set up a 401K PSP and deposited $101.00 dollars of his money in it. Am I now considered as having a 401K at work?

All of the money is from the employer and I have always declined to participate in a 401K. It is listed as a qualified non elective contribution and my plan status is non contributing. I am concerned that if this means I have a 401K at work my MAGI is too high to deduct my IRA contributions.