topic It just affects your ability to deduct those contribution... in Retirement tax questions https://ttlc.intuit.com/community/retirement/discussion/it-just-affects-your-ability-to-deduct-those-contribution/01/701448#M67080 It just affects your ability to deduct those contributions. But that doesn't matter since you don't participate. But I have to ask, are you over age 70.5? Thu, 06 Jun 2019 13:23:05 GMT SweetieJean 2019-06-06T13:23:05Z I'm over 59-1/2 and still working. If I withdraw $6500 from my traditional IRA in January, can I still make a tax deductible IRA contribution of $6500 that same tax year? https://ttlc.intuit.com/community/retirement/discussion/i-m-over-59-1-2-and-still-working-if-i-withdraw-6500-from-my-traditional-ira-in-january-can-i-still/01/701417#M67073 <P>Assume: Contribution would be done after the 60 day loan repayment window.</P><P>Assume: I am otherwise allowed to may a $6500 deductible IRA contribution.<BR /></P> Thu, 06 Jun 2019 13:22:55 GMT https://ttlc.intuit.com/community/retirement/discussion/i-m-over-59-1-2-and-still-working-if-i-withdraw-6500-from-my-traditional-ira-in-january-can-i-still/01/701417#M67073 dennykc 2019-06-06T13:22:55Z What exactly are you trying to accomplish by taking it ou... https://ttlc.intuit.com/community/retirement/discussion/what-exactly-are-you-trying-to-accomplish-by-taking-it-ou/01/701423#M67074 What exactly are you trying to accomplish by taking it out, and then putting it back in ?? Thu, 06 Jun 2019 13:22:56 GMT https://ttlc.intuit.com/community/retirement/discussion/what-exactly-are-you-trying-to-accomplish-by-taking-it-ou/01/701423#M67074 fanfare 2019-06-06T13:22:56Z Sounds like OP needs a temporary loan. https://ttlc.intuit.com/community/retirement/discussion/sounds-like-op-needs-a-temporary-loan/01/701428#M67075 Sounds like OP needs a temporary loan. Thu, 06 Jun 2019 13:22:58 GMT https://ttlc.intuit.com/community/retirement/discussion/sounds-like-op-needs-a-temporary-loan/01/701428#M67075 SweetieJean 2019-06-06T13:22:58Z Yes, as long as you qualify to do so.  Are you covered by... https://ttlc.intuit.com/community/retirement/discussion/yes-as-long-as-you-qualify-to-do-so-are-you-covered-by/01/701433#M67076 <P>Yes, as long as you qualify to do so.&nbsp; Are you covered by a retirement plan at work?</P> Thu, 06 Jun 2019 13:22:59 GMT https://ttlc.intuit.com/community/retirement/discussion/yes-as-long-as-you-qualify-to-do-so-are-you-covered-by/01/701433#M67076 SweetieJean 2019-06-06T13:22:59Z A 401K retirement plan is available at work, but I no lon... https://ttlc.intuit.com/community/retirement/discussion/a-401k-retirement-plan-is-available-at-work-but-i-no-lon/01/701436#M67077 A 401K retirement plan is available at work, but I no longer contribute. Thu, 06 Jun 2019 13:23:01 GMT https://ttlc.intuit.com/community/retirement/discussion/a-401k-retirement-plan-is-available-at-work-but-i-no-lon/01/701436#M67077 dennykc 2019-06-06T13:23:01Z For a 401(k) plan, The individual is an active participa... https://ttlc.intuit.com/community/retirement/discussion/for-a-401-k-plan-the-individual-is-an-active-participa/01/701438#M67078 For a 401(k) plan,<BR /><BR />The individual is an active participant if the individual elects to defer compensation (make salary deferral contributions) to the plan.&nbsp;&nbsp;If the individual is eligible to make salary deferral contributions, but declines to make such salary deferral contributions for a year (and no other contributions or forfeitures are allocated to such individual's account for the plan year ending with or within the individual's taxable year), the individual is not an active participant for that year. Thu, 06 Jun 2019 13:23:02 GMT https://ttlc.intuit.com/community/retirement/discussion/for-a-401-k-plan-the-individual-is-an-active-participa/01/701438#M67078 SweetieJean 2019-06-06T13:23:02Z So, I am not an active participant in a 401K. Does this a... https://ttlc.intuit.com/community/retirement/discussion/so-i-am-not-an-active-participant-in-a-401k-does-this-a/01/701443#M67079 So, I am not an active participant in a 401K. Does this affect my ability to contribute to my IRA? Thu, 06 Jun 2019 13:23:04 GMT https://ttlc.intuit.com/community/retirement/discussion/so-i-am-not-an-active-participant-in-a-401k-does-this-a/01/701443#M67079 dennykc 2019-06-06T13:23:04Z It just affects your ability to deduct those contribution... https://ttlc.intuit.com/community/retirement/discussion/it-just-affects-your-ability-to-deduct-those-contribution/01/701448#M67080 It just affects your ability to deduct those contributions. But that doesn't matter since you don't participate. But I have to ask, are you over age 70.5? Thu, 06 Jun 2019 13:23:05 GMT https://ttlc.intuit.com/community/retirement/discussion/it-just-affects-your-ability-to-deduct-those-contribution/01/701448#M67080 SweetieJean 2019-06-06T13:23:05Z Also see: <a rel="nofollow" target="_blank" href="https:/... https://ttlc.intuit.com/community/retirement/discussion/also-see-a-rel-nofollow-target-blank-href-https/01/701455#M67081 Also see:<BR />&lt;a rel="nofollow" target="_blank" href="<A href="https://pocketsense.com/can-ira-deduction-same-year-took-withdrawal-5790.html&quot;&gt;https://pocketsense.com/can-ira-deduction-same-year-took-withdrawal-5790.html&lt;/a" target="_blank">https://pocketsense.com/can-ira-deduction-same-year-took-withdrawal-5790.html"&gt;https://pocketsense.com/can-ira-deduction-same-year-took-withdrawal-5790.html&lt;/a</A>&gt; Thu, 06 Jun 2019 13:23:07 GMT https://ttlc.intuit.com/community/retirement/discussion/also-see-a-rel-nofollow-target-blank-href-https/01/701455#M67081 SweetieJean 2019-06-06T13:23:07Z It does not matter if you contribute to the 401(k) or not... https://ttlc.intuit.com/community/retirement/discussion/it-does-not-matter-if-you-contribute-to-the-401-k-or-not/01/701459#M67082 It does not matter if you contribute to the 401(k) or not if you employer contributed to it then you would still be a participant.&nbsp;&nbsp;&nbsp;&nbsp;Box 13 on your W-2 will be checked if you have a 401(k).&nbsp;&nbsp;&nbsp;&nbsp;That does not prevent you from contributing to a Traditional IRA, it only affects your ability to deduct it if your income exceeds the limits given in this link to the IRS:&nbsp;&nbsp;&lt;a rel="nofollow" target="_blank" href="<A href="https://www.irs.gov/Retirement-Plans/IRA-Deduction-Limits&quot;&gt;https://www.irs.gov/Retirement-Plans/IRA-Deduction-Limits&lt;/a" target="_blank">https://www.irs.gov/Retirement-Plans/IRA-Deduction-Limits"&gt;https://www.irs.gov/Retirement-Plans/IRA-Deduction-Limits&lt;/a</A>&gt;<BR /><BR />You must also have at least as much taxable compensation (money that you worked for) as your IRA contribution. Thu, 06 Jun 2019 13:23:08 GMT https://ttlc.intuit.com/community/retirement/discussion/it-does-not-matter-if-you-contribute-to-the-401-k-or-not/01/701459#M67082 macuser_22 2019-06-06T13:23:08Z
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topic It just affects your ability to deduct those contribution... in Retirement tax questions
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https://ttlc.intuit.com/community/retirement/discussion/it-just-affects-your-ability-to-deduct-those-contribution/01/701448#M67080
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It just affects your ability to deduct those contributions. But that doesn't matter since you don't participate. But I have to ask, are you over age 70.5?
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<pubDate>Thu, 06 Jun 2019 13:23:05 GMT</pubDate>
<dc:creator>SweetieJean</dc:creator>
<dc:date>2019-06-06T13:23:05Z</dc:date>
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<title>
I'm over 59-1/2 and still working. If I withdraw $6500 from my traditional IRA in January, can I still make a tax deductible IRA contribution of $6500 that same tax year?
</title>
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https://ttlc.intuit.com/community/retirement/discussion/i-m-over-59-1-2-and-still-working-if-i-withdraw-6500-from-my-traditional-ira-in-january-can-i-still/01/701417#M67073
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<P>Assume: Contribution would be done after the 60 day loan repayment window.</P><P>Assume: I am otherwise allowed to may a $6500 deductible IRA contribution.<BR /></P>
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<pubDate>Thu, 06 Jun 2019 13:22:55 GMT</pubDate>
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<dc:creator>dennykc</dc:creator>
<dc:date>2019-06-06T13:22:55Z</dc:date>
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What exactly are you trying to accomplish by taking it ou...
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https://ttlc.intuit.com/community/retirement/discussion/what-exactly-are-you-trying-to-accomplish-by-taking-it-ou/01/701423#M67074
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What exactly are you trying to accomplish by taking it out, and then putting it back in ??
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<pubDate>Thu, 06 Jun 2019 13:22:56 GMT</pubDate>
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<dc:date>2019-06-06T13:22:56Z</dc:date>
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<title>Sounds like OP needs a temporary loan.</title>
<link>
https://ttlc.intuit.com/community/retirement/discussion/sounds-like-op-needs-a-temporary-loan/01/701428#M67075
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<description>Sounds like OP needs a temporary loan.</description>
<pubDate>Thu, 06 Jun 2019 13:22:58 GMT</pubDate>
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https://ttlc.intuit.com/community/retirement/discussion/sounds-like-op-needs-a-temporary-loan/01/701428#M67075
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<dc:creator>SweetieJean</dc:creator>
<dc:date>2019-06-06T13:22:58Z</dc:date>
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Yes, as long as you qualify to do so.  Are you covered by...
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https://ttlc.intuit.com/community/retirement/discussion/yes-as-long-as-you-qualify-to-do-so-are-you-covered-by/01/701433#M67076
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<P>Yes, as long as you qualify to do so.&nbsp; Are you covered by a retirement plan at work?</P>
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<pubDate>Thu, 06 Jun 2019 13:22:59 GMT</pubDate>
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A 401K retirement plan is available at work, but I no lon...
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https://ttlc.intuit.com/community/retirement/discussion/a-401k-retirement-plan-is-available-at-work-but-i-no-lon/01/701436#M67077
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A 401K retirement plan is available at work, but I no longer contribute.
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<pubDate>Thu, 06 Jun 2019 13:23:01 GMT</pubDate>
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https://ttlc.intuit.com/community/retirement/discussion/a-401k-retirement-plan-is-available-at-work-but-i-no-lon/01/701436#M67077
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<dc:creator>dennykc</dc:creator>
<dc:date>2019-06-06T13:23:01Z</dc:date>
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<title>
For a 401(k) plan, The individual is an active participa...
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https://ttlc.intuit.com/community/retirement/discussion/for-a-401-k-plan-the-individual-is-an-active-participa/01/701438#M67078
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For a 401(k) plan,<BR /><BR />The individual is an active participant if the individual elects to defer compensation (make salary deferral contributions) to the plan.&nbsp;&nbsp;If the individual is eligible to make salary deferral contributions, but declines to make such salary deferral contributions for a year (and no other contributions or forfeitures are allocated to such individual's account for the plan year ending with or within the individual's taxable year), the individual is not an active participant for that year.
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<pubDate>Thu, 06 Jun 2019 13:23:02 GMT</pubDate>
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So, I am not an active participant in a 401K. Does this a...
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https://ttlc.intuit.com/community/retirement/discussion/so-i-am-not-an-active-participant-in-a-401k-does-this-a/01/701443#M67079
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So, I am not an active participant in a 401K. Does this affect my ability to contribute to my IRA?
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<pubDate>Thu, 06 Jun 2019 13:23:04 GMT</pubDate>
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<dc:creator>dennykc</dc:creator>
<dc:date>2019-06-06T13:23:04Z</dc:date>
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It just affects your ability to deduct those contribution...
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https://ttlc.intuit.com/community/retirement/discussion/it-just-affects-your-ability-to-deduct-those-contribution/01/701448#M67080
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It just affects your ability to deduct those contributions. But that doesn't matter since you don't participate. But I have to ask, are you over age 70.5?
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<pubDate>Thu, 06 Jun 2019 13:23:05 GMT</pubDate>
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Also see: <a rel="nofollow" target="_blank" href="https:/...
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https://ttlc.intuit.com/community/retirement/discussion/also-see-a-rel-nofollow-target-blank-href-https/01/701455#M67081
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Also see:<BR />&lt;a rel="nofollow" target="_blank" href="<A href="https://pocketsense.com/can-ira-deduction-same-year-took-withdrawal-5790.html&quot;&gt;https://pocketsense.com/can-ira-deduction-same-year-took-withdrawal-5790.html&lt;/a" target="_blank">https://pocketsense.com/can-ira-deduction-same-year-took-withdrawal-5790.html"&gt;https://pocketsense.com/can-ira-deduction-same-year-took-withdrawal-5790.html&lt;/a</A>&gt;
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<pubDate>Thu, 06 Jun 2019 13:23:07 GMT</pubDate>
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<dc:creator>SweetieJean</dc:creator>
<dc:date>2019-06-06T13:23:07Z</dc:date>
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<title>
It does not matter if you contribute to the 401(k) or not...
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https://ttlc.intuit.com/community/retirement/discussion/it-does-not-matter-if-you-contribute-to-the-401-k-or-not/01/701459#M67082
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It does not matter if you contribute to the 401(k) or not if you employer contributed to it then you would still be a participant.&nbsp;&nbsp;&nbsp;&nbsp;Box 13 on your W-2 will be checked if you have a 401(k).&nbsp;&nbsp;&nbsp;&nbsp;That does not prevent you from contributing to a Traditional IRA, it only affects your ability to deduct it if your income exceeds the limits given in this link to the IRS:&nbsp;&nbsp;&lt;a rel="nofollow" target="_blank" href="<A href="https://www.irs.gov/Retirement-Plans/IRA-Deduction-Limits&quot;&gt;https://www.irs.gov/Retirement-Plans/IRA-Deduction-Limits&lt;/a" target="_blank">https://www.irs.gov/Retirement-Plans/IRA-Deduction-Limits"&gt;https://www.irs.gov/Retirement-Plans/IRA-Deduction-Limits&lt;/a</A>&gt;<BR /><BR />You must also have at least as much taxable compensation (money that you worked for) as your IRA contribution.
</description>
<pubDate>Thu, 06 Jun 2019 13:23:08 GMT</pubDate>
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<dc:creator>macuser_22</dc:creator>
<dc:date>2019-06-06T13:23:08Z</dc:date>
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