Basta
Level 2
‎04-05-2022 02:20 PM

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?

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TaxGuyBill
Level 15
‎04-05-2022 06:35 PM

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
Level 15
‎04-05-2022 07:20 PM

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


The more I know the more I don’t know.
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Basta
Level 2
‎04-06-2022 08:17 AM

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

 

 

Basta
Level 2
‎04-06-2022 08:18 AM

succinct and perfect

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sjrcpa
Level 15
‎04-06-2022 12:32 PM

Come back. And feel free to help someone else.


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