Dave T Posted April 4 Report Posted April 4 In 2023 client took all the funds in his 401K and rolled it into his own self managed IRA account. In 2024 he makes an $8k contribution to the account. At first glance it only gives him partial credit for the deduction due to the phaseout of total income and because his company offers a retirement plan ( or at least did ) and that is my question? His w-2 has always shown box 13 checked but didn't this year. He says that is because he is not contributing but that doesn't sound right and I always thought that whether you participate or not determines how much of an IRA contribution can be made. When I uncheck the box 13 on the w2 ATX gives hm full credit for the contribution. Thanks for any insights. Dave T Quote
kathyc2 Posted April 4 Report Posted April 4 See chart in W2 instructions when retirement box should be checked or not. Page 31 https://www.irs.gov/pub/irs-pdf/iw2w3.pdf 1 Quote
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.