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posted Dec 23, 2019 4:28:41 PM

Covered or not?

I’m in the Reserves and did not contribute to military TSP but did contribute to civilian 401k. Am I still considered “covered”? Am I able to contribute to IRA before deadline? 

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1 Replies
Level 15
Dec 23, 2019 4:38:08 PM

You are covered by a retirement plan at work since you have a 401(k).

You can still contribute to an IRA if eligible however it may not be deductible.  Go to this IRS website for information - https://www.irs.gov/retirement-plans/2019-ira-deduction-limits-effect-of-modified-agi-on-deduction-if-you-are-covered-by-a-retirement-plan-at-work

 

You can contribute to a 2019 IRA at any time on or before April 15, 2020 if eligible.