I worked for the first 3 months of 2017, then retired. While employed, I benefited from the employer's 401K plan. Can I also deposit tax-deferred dollars in my IRA for 2017?
Thanks.
Yes, you can contribute to a 401K and an IRA. However, traditional IRA contributions must be from earned income.
Your contribution will be based on your income from January-March of 2017.
Please see this IRS link for details: Contribution Limits.
Yes, you can contribute to a 401K and an IRA. However, traditional IRA contributions must be from earned income.
Your contribution will be based on your income from January-March of 2017.
Please see this IRS link for details: Contribution Limits.
Since you were covered by a 401(k) plan in 2017, whether or not the traditional IRA contribution for 2017 will be fully deductible will depend on your filing status and modified AGI:
<a rel="nofollow" target="_blank" href="https://www.irs.gov/retirement-plans/2017-ira-deduction-limits-effect-of-modified-agi-on-deduction-if-you-are-covered-by-a-retirement-plan-at-work">https://www.irs.gov/retirement-plans/2017-ira-deduction-limits-effect-of-modified-agi-on-deduction-if-you-are-covered-by-a-retirement-plan-at-work</a>