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TommyMac1
New Member

I was laid off in Sept and still looking for work. Since I wasn't covered by a retirement plan after being laid off can I deduct an IRA for 2017?

 
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MinhT
Expert Alumni

I was laid off in Sept and still looking for work. Since I wasn't covered by a retirement plan after being laid off can I deduct an IRA for 2017?

If you were covered by a retirement plan up to September 2017, you are considered as covered by a retirement plan in 2017, even if you were not covered from October to December 2017.

You can still deduct an IRA contribution if your Modified Gross Adjusted Income is below a certain level depending on your filing status.

Please read this IRS document to see if you are eligible for an IRA deduction:

https://www.irs.gov/retirement-plans/2017-ira-deduction-limits-effect-of-modified-agi-on-deduction-i...


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MinhT
Expert Alumni

I was laid off in Sept and still looking for work. Since I wasn't covered by a retirement plan after being laid off can I deduct an IRA for 2017?

If you were covered by a retirement plan up to September 2017, you are considered as covered by a retirement plan in 2017, even if you were not covered from October to December 2017.

You can still deduct an IRA contribution if your Modified Gross Adjusted Income is below a certain level depending on your filing status.

Please read this IRS document to see if you are eligible for an IRA deduction:

https://www.irs.gov/retirement-plans/2017-ira-deduction-limits-effect-of-modified-agi-on-deduction-i...


**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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