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nyphdinmd
New Member

I worked for 4 months and had a retirement plan, then retired and started my own business. Can I make a traditional IRA contribution this year?

 
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MichaelDC
New Member

I worked for 4 months and had a retirement plan, then retired and started my own business. Can I make a traditional IRA contribution this year?

Yes. You can make a contribution and probably be able to deduct it. Note that if you are an active participant for one day in an employer provided retirement plan, your deductibility may be phased-out by your income.

Take a look at the chart below to see if your full IRA contribution is tax-deductible. Of course, TurboTax will figure this out for you before you make your contribution. April 18, 2018 is the contribution deadline for your 2017 taxes.

https://www.irs.gov/retirement-plans/plan-participant-employee/2016-ira-contribution-and-deduction-l...

https://ttlc.intuit.com/replies/4792466



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1 Reply
MichaelDC
New Member

I worked for 4 months and had a retirement plan, then retired and started my own business. Can I make a traditional IRA contribution this year?

Yes. You can make a contribution and probably be able to deduct it. Note that if you are an active participant for one day in an employer provided retirement plan, your deductibility may be phased-out by your income.

Take a look at the chart below to see if your full IRA contribution is tax-deductible. Of course, TurboTax will figure this out for you before you make your contribution. April 18, 2018 is the contribution deadline for your 2017 taxes.

https://www.irs.gov/retirement-plans/plan-participant-employee/2016-ira-contribution-and-deduction-l...

https://ttlc.intuit.com/replies/4792466



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