TT not permitting IRA contribution, stating I was covered by 401K. This is incorrect, as I received severance and was ineligible for 401K. How do I correct TT?
051058
1 Best answer
MichaelL1
Level 15
Jun 1, 2019 12:33:57 AM
Make sure the W-2 for the retirement is entered as you got it, and if the retirement box is not marked such as your case you are good to go.
5 Replies
MichaelL1
Level 15
Jun 1, 2019 12:33:53 AM
The W-2 you got for the severance has Retirement marked. You need to see if the employer would give you a new one without it marked.
MichaelL1
Level 15
Jun 1, 2019 12:33:53 AM
Otherwise no deduction
dd679
New Member
Jun 1, 2019 12:33:54 AM
Thank you Michael. I was able to find and correct the error. The W-2 my former employer sent me did not have the retirement plan box checked, so I unchecked the box in TT and the IRA deduction was applied. Thanks again.
MichaelL1
Level 15
Jun 1, 2019 12:33:55 AM
Great news, I am going to post a very brief answer below just so others know this is taken care of.
MichaelL1
Level 15
Jun 1, 2019 12:33:57 AM
Make sure the W-2 for the retirement is entered as you got it, and if the retirement box is not marked such as your case you are good to go.