turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
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.

Work for comp. w/no 401k plan. put $ in IRA tax deduct. then in Oct the comp hired mngmt. comp w/a 401 k plan. Can we deduct IRA $ from Jan to Sept contribution amount

 
Connect with an expert
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.

1 Reply
AnnetteB6
Employee Tax Expert

Work for comp. w/no 401k plan. put $ in IRA tax deduct. then in Oct the comp hired mngmt. comp w/a 401 k plan. Can we deduct IRA $ from Jan to Sept contribution amount

No, you cannot necessarily deduct your IRA contribution that was made during the time that you were not covered by a retirement plan at work.

 

Whether or not your IRA contribution will be deductible depends on your filing status and income.  Since you were covered by a retirement plan at the end of the year, you are considered to have been covered for the entire year.  This means that the income limits for deducting your Traditional IRA contribution are lower than if you had not been covered by a retirement plan.  

 

You are still eligible to make the Traditional IRA contribution, it just may not be deductible on your return.  TurboTax will give you guidance on the screen after you have entered the amount of your contribution to the IRA.  

 

For more information about the income limits for deducting IRA contributions, see the following TurboTax article:

 

How much of my Traditional IRA contribution is deductible in 2020?

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies