IRA Contributions

3 replies
37 views

I had two employers for 2020. The first employer was for January and February, and they had a retirement plan. The second was for the ten remaining months of the year, and they did NOT have a retirement plan. I contributed to an IRA, but TurboTax is claiming I don't get a tax break because I had a retirement plan through my employer. How do I get it to recognize the second employer who did NOT have a retirement plan and hence my contributions should be deductible?

DavidD66Answer

Alumni - Intuit

You don't. The fact that you worked for an employer with a 401(k) for part the year means that you were covered by a retirement plan at work for the year.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

DavidD66Answer

Alumni - Intuit

You don't. The fact that you worked for an employer with a 401(k) for part the year means that you were covered by a retirement plan at work for the year.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

bjhillcalAuthor

Level 2

Thank you! I was afraid that might be the answer, but couldn't nail it down anywhere. Timing is everything -- too bad I couldn't have left my old job at the end of 2019, then I would have a full year at my new job where my IRA contribution would then be deductible. Still, I would contribute to my IRA regardless. I can now file knowing I checked things out first.