No. Severance pay is ''separation'' pay given to employees by some employers upon termination of employment. If Box 13 was checked for Retirement plan this means that you participated in your employer's retirement plan during the year. This might be a 401(k) plan, 403(b) plan, SEP-IRA, SIMPLE-IRA, or another type of pension plan. If you participate in a retirement plan, your ability to deduct contributions to a traditional
IRA may be limited based on your income.
