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Level 2
posted Mar 26, 2021 7:07:55 PM

Eligible to make IRA contribution?

I had a 401K with my employer for a portion of 2020, but retired and no longer have it in 2021. Can I open an IRA now and have it apply to my 2020 tax year?

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1 Replies
Expert Alumni
Mar 26, 2021 8:41:20 PM

Yes, you can still make IRA Contributions up to the tax filing deadline.

 

If you participate in a workplace-based retirement plan, you can still make tax-deductible contributions to an IRA if you are single and your income is less than $65,000 in 2020.

  • If your income is between $65,000 and $75,000 in 2020, you qualify for a partial deduction.
  • If you are married filing a joint return, the phase-out limit for deductible IRA contributions begins at $104,000 in 2020 and the write-off disappears once your income tops $124,000.

 

Click this link for more info on Retirement Contributions.