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cmmisu2nu
Returning Member

IRA contribution deduction

I was only eligible to contribute to my employer 401K for 5 weeks out of the year in 2020 but did not contribute because I was leaving the company. I make over $75K last year. Because I was eligible for 401K for 5 weeks of the year even though I did not contribute, does this make me ineligible to deduct my IRA contributions because of my income level for the entire year?

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IRA contribution deduction

If you had a retirement plan where you worked, even if you did not contribute to the plan, you are still limited to the IRA contribution deduction limit based on your filing status and MAGI.

 

IRS website for IRA contributions if covered by a work retirement plan - https://www.irs.gov/retirement-plans/plan-participant-employee/2020-ira-contribution-and-deduction-l...

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