Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
asussugar
New Member

Switched jobs in August. First company had no 401k. In past years I contributed to a regular IRA. New company has 401k and I have contributed. Can I deduct?

Total income is 115K which suggests I can't claim deductions to my regular IRA since I was covered by a plan. I didn't participate much in the plan since it was only for 3 months. It seems I can't take IRA deduction. Is my only option to add to my 401k as last years contributions?
1 Best answer

Accepted Solutions
NancyG
New Member

Switched jobs in August. First company had no 401k. In past years I contributed to a regular IRA. New company has 401k and I have contributed. Can I deduct?

401(k)s do not work that way.  You cannot go back and contribute.

You can, however, make a non-deductible IRA contribution or a ROTH IRA contribution.

View solution in original post

1 Reply
NancyG
New Member

Switched jobs in August. First company had no 401k. In past years I contributed to a regular IRA. New company has 401k and I have contributed. Can I deduct?

401(k)s do not work that way.  You cannot go back and contribute.

You can, however, make a non-deductible IRA contribution or a ROTH IRA contribution.

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.49m
Members

2.62m
Discussions

Manage cookies
v