Solved: Am I considered "covered by a retirement plan at work" when I am already retired and drawing from a pension plan?
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gfried4133
New Member

Am I considered "covered by a retirement plan at work" when I am already retired and drawing from a pension plan?

 
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ToddL
New Member

Am I considered "covered by a retirement plan at work" when I am already retired and drawing from a pension plan?

Since you don't "work" there anymore, you are not "covered by a retirement plan at work" as far as the employer who is sending you the pension payments is concerned.

If you have a "post-retirement" employment at another employer, you would check this box if iy is checked on the Form W-2 you receive from this employer.

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      4 Replies
      ToddL
      New Member

      Am I considered "covered by a retirement plan at work" when I am already retired and drawing from a pension plan?

      Since you don't "work" there anymore, you are not "covered by a retirement plan at work" as far as the employer who is sending you the pension payments is concerned.

      If you have a "post-retirement" employment at another employer, you would check this box if iy is checked on the Form W-2 you receive from this employer.

          View solution in original post

          gfried4133
          New Member

          Am I considered "covered by a retirement plan at work" when I am already retired and drawing from a pension plan?

          I liked the answer, however, the pension payments one receives are not considered "earned income", according to TurboTax. One of the limits to how much you can contribute to an IRA is your earned income. If you do not have any "earned income", you are not permitted to contribute to an IRA.

          ToddL
          New Member

          Am I considered "covered by a retirement plan at work" when I am already retired and drawing from a pension plan?

          You are absolutely right. The IRS gives you an income tax break for IRAsas long as you are working, earning $$$ and, oh yes, PAYING EMPLOYMENT TAXES.
          dwightcarlson
          Returning Member

          Am I considered "covered by a retirement plan at work" when I am already retired and drawing from a pension plan?

          Hello

          I mistakenly said yes that I was covered by a retirement plan at work but am not because I am no longer working but I ca't find how to change the answer to NO

          Thanks, Dwight

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