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?
01497
1 Best answer
NancyG
New Member
Jun 6, 2019 5:08:55 AM
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.
1 Replies
NancyG
New Member
Jun 6, 2019 5:08:55 AM
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.