PeterK
Level 2

Client was terminated in 2019 and received severance payment in January 2020. Clients W2 is marked as retirement plan participant. This prevents deductible traditional IRA contribution. Since client has no 2020 participation in the 401k plan due to termination can he make a deductible contribution to IRA ??

In order to do this one must uncheck retirement box on W2 to allow deduction ??

0 Cheers