The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: pension plan ... deductible IRA||Date: 8/9/2001 9:37 PM|
|Author: pmarti||Number: 53217 of 122648|
My question is -- Am I considered "participating in a plan" when I have never contributed to the plan and also the fact that I had worked only for 14 days with the company in 2000.
You may not have been making contributions yourself, but you were covered by a retirement plan. If you're covered on any one day of a tax year, your traditional IRA contribution can be deducted only if you meet the AGI limits.
IOW, your accountant is right. You can confirm it in Publication 550.
|Copyright 1996-2015 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|