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B
Basta
Level 2
April 5, 2022

Unlimited IRA deduction regs

  • April 5, 2022
  • 2 replies
  • 15 views

a spouse worked for a company with a retirement plan through April of 2021.  She then opened her own business which exists now as it did as of December 31, 2021.

Was this brief employment a disqualification for unlimited IRA contributions for this couple or does it mean that they can't make tax deductible contributions because of the gross income limits?

    This topic has been closed for replies.

    2 replies

    T
    TaxGuyBill
    Level 15
    April 5, 2022

    If a person is covered by an employer retirement plan at any time during the year, then the deduction for a Traditional IRA contributions are subject to income limitations.

      sjrcpa
      sjrcpa
      Level 15
      April 6, 2022

      On another forum, someone answered this with "Pregnant is pregnant." 😊

      The more I know the more I don’t know.
      B
      Basta Author
      Level 2
      April 6, 2022

      succinct and perfect

      B
      Basta Author
      Level 2
      April 6, 2022

      thank you so much.

      i've never used this forum before and had NO expectation of a reply, so thanks for the answer and for giving me a resource for the future.

      Jeanne

       

       

        sjrcpa
        sjrcpa
        Level 15
        April 6, 2022

        Come back. And feel free to help someone else.

        The more I know the more I don’t know.
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