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Question

Covered by retirement plan

Forum|Forum|7 years ago
June 6, 2019
1 reply
3 views

Am I considered covered by a retirement plan, if I receive a distribution from a job from which I am retired? in other words, I receive my monthly pension, but I am retired and no longer make a contribution to that pension..

I currently work 2 part time jobs which have no retirement plans. I want to open and contribute to a traditional IRA from the monies I earned from my current jobs.. Can I take a deduction on my taxes? Does the retirement distribution I receive (see above) make me an active or covered member, or am I not covered and inactive?

TurboTax Deluxe Windows

Level 15

A distribution from an old retirement plan does not mean that you are covered by a retirement plan in 2016.

If you are not covered in 2016 in your jobs, you can contribute to a Traditional IRA and take the deduction on your tax return.

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