My wife and I are both retired and both have some pension earnings. We have continued to contribute to our IRAs, which in the past were non-deductible. How do we answer the question as to whether we are "covered by a retirement plan at work"? We were when we were working, but are no longer employed.
"Covered by a retirement plan at work" means that employee or employer contributions were made to the plan for the year for which you are making the IRA contribution. Simply having an existing retirement account or plan at a former employer would not make you covered by a retirement plan at work.
Of course you must have compensation, generally from an employer from which you received compensation in 2020 or net profit from self-employment to be able to contribute to an IRA at all.
"Covered by a retirement plan at work" means that employee or employer contributions were made to the plan for the year for which you are making the IRA contribution. Simply having an existing retirement account or plan at a former employer would not make you covered by a retirement plan at work.
Of course you must have compensation, generally from an employer from which you received compensation in 2020 or net profit from self-employment to be able to contribute to an IRA at all.
If you were covered by an employer's plan even one day in 2020, you are considered to be covered all year. Answer yes. If you were not, answer no.