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  • 1.  IRA Contribution Deductible?

    Silver Most Valuable Member
    Posted 03-31-2023 02:22 PM

    Hi All,
    I have a situation where a single taxpayer was employed for the first half off 2022 and made contributions to an employer covered 401k plan. The total contributions were less than the maximum allowed. At the end of the year taxpayer is not employed. AGI is above the IRA deduction phase out limit of $78,000. Do any IRA contributions remain nondeductible even though taxpayer is no longer  employed?

    Thanks in advance for any comments.



    ------------------------------
    Deborah J. Zelen, CPA
    917-923-5331
    debbie@djzcpa.com
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  • 2.  RE: IRA Contribution Deductible?

    Bronze Most Valuable Member
    Posted 04-01-2023 08:58 AM
    Debbie

    I believe your client is considered an "active" participant because theywere in a plan during the year. They may be able to make a nondeductible contribution.

    jerry

    --
    Gerald S. Cohen, CPA
    cell 516 455-0643



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