turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

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

Unemployed for 9 months in 2018. Received a severance package that that did not contribute to my previous 401k. How can I still contribute some money toward retirement?

I was laid off 3-31-2018. How can I still contribute some money toward 2018 pre tax retirement?
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

3 Replies
Ashby
New Member

Unemployed for 9 months in 2018. Received a severance package that that did not contribute to my previous 401k. How can I still contribute some money toward retirement?

You can fund a traditional IRA up until 4/15.

The limits for 2018 are $5,500, or $6,500 if you’re age 50 or older

Unemployed for 9 months in 2018. Received a severance package that that did not contribute to my previous 401k. How can I still contribute some money toward retirement?

Turbo Tax won't let me contribute to an IRA because it sees I did contributed to a 401k in 2018. Is there a special form to use?
Ashby
New Member

Unemployed for 9 months in 2018. Received a severance package that that did not contribute to my previous 401k. How can I still contribute some money toward retirement?

I apologize, I did not put it together when you said "previous 401k" that you actively contributed in 2018. Unfortunately, if you are covered/contributed for one day in the year, you are treated as covered for the whole year.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question