My W-2 incorrectly reflects a Retirement Plan in Blk 13 and my IRA deduction was limited; must I get an amended W-2 and is doing and filing an amended return worthwhile?

I terminated from my employment in Oct15, however, was on severance several months into 2016 and thus received a W-2.  I did have a retirement plan while employed, however, that eligibility ended in Oct15.

Retirement tax questions

Is anything in box 12?    If the employer contributed to the plan in 2016 (even if it carried from 2015) then it applies to 2016.  If you think the W-2 is wrong, contact the employer for a corrected W-2.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

Retirement tax questions

Thanks very much. No, there's nothing in block 12. I'll contact my former employer and assess filing an amended return.

Retirement tax questions

The employer might still have contributed to the plan even if you did not because of the severance pay so you would still be covered.  That would not show up in box 12.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

Retirement tax questions

My termination letter dtd 10/2/15 states specifically that participation in benefits based on employment status (e.g. Cash Retirement Income Plan, Savings Investment Plan (401k), Long-Term Disability, etc.) will cease as of the date your employee status ceases.  Health insurance benefits extended to the end of the month in which severance ended.  The Cash plan (company money only) would have continued to pay interest but there were no further contributions after Oct15.  Same for the SIP/401k (employee money only).  Thanks very much for your responses, by the way - very helpful to consider.

Retirement tax questions

The W-2 could be wrong since most W-2's are computer generated and someone would have had to uncheck the covered by retirement box.  If they failed to do so then the computer could have put it on the W-2 in error.  You need to talk to the payroll dept. to check and correct it if it is wrong.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

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