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.
You'll need to sign in or create an account to connect with an expert.
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.
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.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
-kendunn
New Member
Patti B Thomas
New Member
iamtestpass_5610
New Member
Helen123
Level 3
mbdowty
Level 1
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.