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west_ridge14
New Member

IRA Deduction during unemployment

Hello,

 

I'm looking for a straight answer on this. I was unemployed in 2024 until June and I made a contribution to my Rollover IRA during the time I was unemployed.  Once I gained employment, I knew I no longer could contribute given I had a 401k plan now.  My question is; does my contribution to my Rollover IRA count towards deducting my taxable income?

 

Thanks

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‎March 30, 2025 4:02 PM
last updated ‎March 30, 2025 4:02 PM
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MaryK4
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Expert Alumni

IRA Deduction during unemployment

It depends on your modified adjusted gross income for the year:  se the chart at IRA deduction if you are covered by a retirement plan at work - 2024.

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‎March 30, 2025 4:39 PM
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