topic In 2020, I participated as a W2 in my employer's 401k plan. As a 1099 contractor with a different company from Sep-Dec '20 contribute to my IRA and receive a tax benefit? in Retirement tax questions

In 2020, I participated as a W2 in my employer's 401k plan. As a 1099 contractor with a different company from Sep-Dec '20 contribute to my IRA and receive a tax benefit?

rick-piacenza-gm — Wed, 17 Mar 2021 19:28:22 GMT

Re: In 2020, I participated as a W2 in my employer's 401k plan. As a 1099 contractor with a diffe...

MinhT1 — Wed, 17 Mar 2021 19:45:40 GMT

You are considered as covered by a retirement at work with your 401(k) plan.

As a covered individual, your eligibility to contribute to a deductible Traditional IRA depends on your filing status and your MAGI.

Please read this IRS document for more information.

Re: In 2020, I participated as a W2 in my employer's 401k plan. As a 1099 contractor with a different company from Sep-Dec '20 contribute to my IRA and receive a tax benefit?

dmertz — Wed, 17 Mar 2021 20:28:53 GMT

In addition to being eligible to make a regular traditional IRA contribution (which may or may not be deductible depending on your MAGI and filing status), you also have the option to open and contribute to a SEP-IRA and take a self-employed retirement deduction. TurboTax will automatically calculate the maximum permissible SEP contribution when you mark the Maximize box for a SEP contribution. Reach this section under Business Items -> Business Deductions and Credits.