Basta
Level 2
04-05-2022
02:20 PM
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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?
TaxGuyBill
Level 15
04-05-2022
06:35 PM
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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
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On another forum, someone answered this with "Pregnant is pregnant." 😊
Ex-AllStar
Basta
Level 2
04-06-2022
08:18 AM
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succinct and perfect
sjrcpa
Level 15
04-06-2022
12:32 PM
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Come back. And feel free to help someone else.
Ex-AllStar