Author Topic: Contribute to pre-tax IRA after layoff?  (Read 2393 times)

pdxvandal

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Contribute to pre-tax IRA after layoff?
« on: March 22, 2014, 03:47:02 PM »
Hello. I contributed to my former company's 401k this year before getting laid off. Am I now eligible to contribute to a pre-tax IRA and claim the tax deductions come tax time in 2015? Thanks.

bikebum

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Re: Contribute to pre-tax IRA after layoff?
« Reply #1 on: March 22, 2014, 07:32:51 PM »
Yes, but you also could have while you were employed. You can use an IRA whether employed or not, and it doesn't matter whether you use a 401k or not either.

MDM

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Re: Contribute to pre-tax IRA after layoff?
« Reply #2 on: March 22, 2014, 08:04:15 PM »
Because you were covered by a 401k at some time this year, I think the IRS considers you covered for the whole year.

See http://www.irs.gov/Retirement-Plans/IRA-Deduction-Limits and the various links from there and compare with your specifics.