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Level 1

If I am covered by a work retirement plan for 3 months, can I deduct an IRA contribution if I am over the income limit?

While using TurboTax, I was allowed to include deductible IRA contributions when I stated I was not covered by a work retirement plan (I was only covered for 3 months).  My refund reflected the deduction until I transmitted, at which point my refund reduced.  Wondering what happened and if I need to amend.  If I don't get the deduction, I may change my mind on contributing to the IRA.

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Level 1

If I am covered by a work retirement plan for 3 months, can I deduct an IRA contribution if I am over the income limit?

Because you were covered by a retirement plan at work for three months in 2016, you are considered covered for the entire year.  You should change your answer in TurboTax and see if you are still entitled to a tax deduction for your IRA deduction.

1 Reply
Level 1

If I am covered by a work retirement plan for 3 months, can I deduct an IRA contribution if I am over the income limit?

Because you were covered by a retirement plan at work for three months in 2016, you are considered covered for the entire year.  You should change your answer in TurboTax and see if you are still entitled to a tax deduction for your IRA deduction.