topic Re: Retirement Plan/IRA Contribution in Retirement tax questions

Retirement Plan/IRA Contribution

DeeRo — Fri, 19 Feb 2021 17:44:23 GMT

I retired Dec 31, 2019 but received my Company bonus in 2020. The bonus was reported on my 2020 W2 with Retirement Plan showing an X in Box 13. Am I eligible to contribute to an IRA since my employment officially ended in 2019. The only income from my company was the bonus.

Re: Retirement Plan/IRA Contribution

MinhT1 — Fri, 19 Feb 2021 17:59:33 GMT

As you received your bonus in 2020, your company is correct in checking box 13 to indicate that you were covered by a retirement plan at work in 2020.

You may still be eligible to contribute to an IRA depending on your filing status and your MAGI (Modified Adjusted Gross Income).

Please read this IRS document.

Re: Retirement Plan/IRA Contribution

DeeRo — Fri, 19 Feb 2021 18:02:46 GMT

That's what I thought. Thank you for your quick response