IRA Contribution with 401k

[Anonymous]

I was let go from my job in early Jan 2019. I was participating in our 401k but had not made a contribution for the year 2019 because it was so early in the year. I made an IRA contribution for 2019 however, could this be deductible even though my W2 would indicate I was participating in the 401k?

[Critter-3]

Yes maybe ... depends on your total income for the year (and your spouse's if married).

See these IRS IRA deduction limit charts.

If *you* are covered by a retirement plan:
https://www.irs.gov/Retirement-Plans/2015-IRA-Deduction-Limits-Effect-of-Modified-AGI-on-Deduction-i...

If you are *not* covered but your spouse is:
https://www.irs.gov/Retirement-Plans/2015-IRA-Deduction-Limits-Effect-of-Modified-AGI-on-Deduction-i...

[DoninGA]

If you made a contribution to an IRA in 2019 then it can only be reported on a 2019 tax return.

The contribution may be deductible even if you were eligible to participate in an employer sponsored 401(k).

For tax year 2019 see Table 1-2 on IRS Publication 590-A page 13 - https://www.irs.gov/pub/irs-prior/p590a--2019.pdf#page=13

[Anonymous]

I guess my real question is that I was "covered" by a retirement plan, however, because I was let go in the first week or so of the year, I didn't get a chance to contribute on a pre-tax basis. It seems unfair that I was officially covered by a plan according to my W2 but couldn't contribute because of my early exit. I was hoping to therefor contribute to my IRA on a pre-tax basis without the strict income provisions associate with being "covered" by a plan.