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Retirement tax questions
Yes.
The IRS considers you covered by an employer's plan if you were covered at any time during the tax year.
According to the IRS:
"You’re covered by an employer retirement plan for a tax year if your employer (or your spouse’s employer) has a:
- Defined contribution plan (profit-sharing, 401(k), stock bonus and money purchase pension plan) and any contributions or forfeitures were allocated to your account for the plan year ending with or within the tax year;
- IRA-based plan (SEP, SARSEP or SIMPLE IRA plan) and you had an amount contributed to your IRA for the plan year that ends with or within the tax year; or
- Defined benefit plan (pension plan that pays a retirement benefit spelled out in the plan) and you are eligible to participate for the plan year ending with or within the tax year."
CLICK HERE for IRS retirement plan coverage information
June 5, 2019
11:03 PM