Jump to content
Sign in to follow this  
go_cp

457(b) And Ira

Recommended Posts

Last year I started to work for a county government and have contributed to their 457(b) plan. I received my W2 and did not see box 13 "Retirement Plan" checked.

 

With contribution only to 457(b) plan, am I elgible for deductible traditional IRA (of course my age and total income does not stop me from deducting) ?

 

I tried TaxCut and TaxAct. Taxact does not let me deduct the IRA while TaxACT does. Hence the confusion.

Share this post


Link to post
Share on other sites

Last year I started to work for a county government and have contributed to their 457(b) plan. I received my W2 and did not see box 13 "Retirement Plan" checked.

 

With contribution only to 457(b) plan, am I elgible for deductible traditional IRA (of course my age and total income does not stop me from deducting) ?

 

I tried TaxCut and TaxAct. Taxact does not let me deduct the IRA while TaxACT does. Hence the confusion.

 

 

If box 13 is not checked then you are not a participant in a retirement plan. See 1040 instructions P 30. You used Tax Act twice? Dont use the program than prohibits you from taking the IRA deduction. The problem with using canned programs is that they are only as good as the people who write the progarms. You still need to read the instructions to the 1040 and other forms that you file to confirm that you are taking the correct deductions.

Share this post


Link to post
Share on other sites

Thanks.

 

Sorry. In my earlier post, I meant to say "TaxCut does not let me deduct the IRA while TaxACT does".

 

 

 

 

Last year I started to work for a county government and have contributed to their 457(b) plan. I received my W2 and did not see box 13 "Retirement Plan" checked.

 

With contribution only to 457(b) plan, am I elgible for deductible traditional IRA (of course my age and total income does not stop me from deducting) ?

 

I tried TaxCut and TaxAct. Taxact does not let me deduct the IRA while TaxACT does. Hence the confusion.

 

 

If box 13 is not checked then you are not a participant in a retirement plan. See 1040 instructions P 30. You used Tax Act twice? Dont use the program than prohibits you from taking the IRA deduction. The problem with using canned programs is that they are only as gopd as the people who write the progarms. You still need to read the instructions to the 1040 and other forms that you file to conform that youy ae taxing the correct deductions.

 

 

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

×
×
  • Create New...