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the1912strike

457 And Ira Contributions

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Is it allowed to make either a conventional or Roth IRA contribution and participate in 457 plan. My 457 contributions for the year are not at the maximum allowed and I want to make an end of the year IRA purchase? My tax preparer says this is not allowed.

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Is it allowed to make either a conventional or Roth IRA contribution and participate in 457 plan. My 457 contributions for the year are not at the maximum allowed and I want to make an end of the year IRA purchase? My tax preparer says this is not allowed.

 

 

Is there an mark (I cant use the third to the last letter of the alphabet because it is censored) in box 13 of your 2009 W-2 under ret. plan? If there is no mark in the box then you are not subject to the MAGI limits for contributing to a deductible IRA because of your participation in a 457 plan, but if you participate in another employer plan such as a retirement plan or 401k plan there will be an mark in the Ret. plan box which which may limit your deductible IRA contributions. See IRS pub 590, P 14.

 

Roth IRA contributions are limited because of Modified AGI - 120k single, 177k married, not participation in another retirement plan.

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