IRA Contribution Deductable?

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!

-------------------------------------

##-----------------------------------------------## Newsgroup Access Courtesy

formatting link
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.

Reply to
JohnC
Loading thread data ...

The Moderator is on the ball.

Reply to
Alan

BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.