In 2017 I was at a job that had a 401k for only 3 wks. Is that considered having a 401k when figuring out whether or not I can have full/partial deduction of a Trad IRA.

suearnot · ‎June 1, 2019

It seems unfair that I can't have a full or partial (because of income) deduction of an IRA because I had a 401k at an employer for three weeks out of the year.

MichaelDC · ‎June 1, 2019

Agreed. According to the IRS, if you or your spouse is covered by a retirement plan at anytime (even 1 day) during the year, your IRA contributions may be limited. It does not matter if the coverage was before/after the establishment of IRA.

Please feel free to post any additional details or questions in the comment section.

View solution in original post

MichaelDC · ‎June 1, 2019

Agreed. According to the IRS, if you or your spouse is covered by a retirement plan at anytime (even 1 day) during the year, your IRA contributions may be limited. It does not matter if the coverage was before/after the establishment of IRA.

Please feel free to post any additional details or questions in the comment section.

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In 2017 I was at a job that had a 401k for only 3 wks. Is that considered having a 401k when figuring out whether or not I can have full/partial deduction of a Trad IRA.