IRA Contribution Deductable?

Feb 01, 2009 1 Replies

I expect this to be a NO, but it's worth an ask...



I lost my job in 2008.



I made a contribution to my Roth IRA in 2008 and later recharacterized it to a Traditional IRA contribution because my MAGI exceeded the Roth limit for the year.



I was covered by a retirement plan while I was employed, but obviously not covered after I lost my job (and therefore not covered on 12/31/2008).



See where I am going?



Since I was not covered the whole year (or on 12/31) does that exempt me from the Traditional IRA contribution income limits rule for deductability?



Hey I can dream can't I?!



How long do you have to be covered by a pension plan during the year to be subject to the income limitation? I suspect if you are covered at any time during the year you are subject to the test, but it's worth an ask!


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Tax and Accounting Software ForumsWeb and RSS access to your favorite newsgroup - misc.taxes.moderated - 19422 messages and counting!##-----------------------------------------------## ========================================= MODERATOR'S COMMENT: Sorry. If you were covered by a plan even one day during the year, then you are considered to be covered by a plan, and AGI limit apply.


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