Deductible IRA - W2 Retirement Plan Box not checked but plan availalable

Forum|Forum|4 years ago
February 25, 2022
3 replies
27 views

W2 retirement plan box is not checked. Employer has 401b plan available but employee does not participate or contribute. Employer does not contribute either.

Can employee make a deductible IRA contribution?

I've researched but can't get a clear answer. I'm leaning towards making the deductible contribution since employee doesn't participate.

ProSeries Professional

This topic has been closed for replies.

Best answer by qbteachmt

I like articles like the Investopedia:

https://www.investopedia.com/articles/retirement/05/032305.asp

D

DTNY07

Level 6

Are they are a single filer? Because if they are married and the spouse is an active participant in a 401K plan, then they can't contribute to an iRA. Unless they are below the AGI limit for doing both

T

TucoAuthor

Level 3

MFJ. Wife is covered by plan by same employer. She participates in the plan and box is checked on W2. Husband doesn't participate or contribute. He qualifies for a deductible IRA based on income. Does he really qualify knowing his employer offers a plan though. I think he does.

qbteachmtAnswer

Level 15

I like articles like the Investopedia:

https://www.investopedia.com/articles/retirement/05/032305.asp

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