I was making IRA contributions in January to September 2016. Stopped making contributions in October and started contributing to a 401k in October. Can I deduct the IRA contributions when I didn't have a 401k?
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Yes - for a Traditional IRA (not Roth). However, if you were covered by an employer retirement plan, your deduction for the contributions might be limited.
If you are--
Single, and your modified adjusted gross income is:
Married filing joint return, and your modified adjusted gross income is:
Married filing separately*, and your modified adjusted gross income is:
To enter contributions to a Traditional IRA in TurboTax, please follow these steps:
I have 401k at work but not a pension. The 401k is considered a "retirement plan" for tax purposes correct? So the limitations apply.
@signor0816 wrote:
I have 401k at work but not a pension. The 401k is considered a "retirement plan" for tax purposes correct? So the limitations apply.
Correct, if you are covered by a qualified retirement plan at work (which includes a 401(k),) then your ability to also contribute to an outside IRA is determined by your filing situation and income.
You can contribute up to $6000 (or $7000) to a traditional IRA, but you may not be able to deduct those contributions. See this page to determine your deductible amount.
https://www.irs.gov/retirement-plans/ira-deduction-limits
Your ability to contribute to a Roth IRA is affected by your income but not by your participation in a workplace retirement plan, see here,
https://www.irs.gov/retirement-plans/amount-of-roth-ira-contributions-that-you-can-make-for-2021
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