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

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest second stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
New Member

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

 
1 Best answer

Accepted Solutions
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

      4 Replies
      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

          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.

          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.
          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

          Dynamic Ads
          v
          Privacy Settings