- Joined
- Nov 27, 2014
- Messages
- 9,213
I was given a package this year. They did not take out 401K contributions from that last check (one year salary). So I was thinking about putting some money into a IRA. Unfortunately, the limits come into play. If I'm considered as being covered by a employer plan, then the limits are much less. However, if I'm not considered covered, I could qualify to deduct an IRA contribution.
Does anyone know how to find out where I stand? Once severed from employment, can I say I'm no longer covered? Or, because I was covered at the beginning of the year, I have to say I'm covered?
The next question would be how much could I contribute. Would I have to limit the IRA contribution to the max less what I already put into the 401K? I haven't done extensive reading/research yet, but I don't see any partial year help coming up with Google searches. Please help me not have to read IRS publications - at least not without some help getting to the right publication/section.
Thanks.
Does anyone know how to find out where I stand? Once severed from employment, can I say I'm no longer covered? Or, because I was covered at the beginning of the year, I have to say I'm covered?
The next question would be how much could I contribute. Would I have to limit the IRA contribution to the max less what I already put into the 401K? I haven't done extensive reading/research yet, but I don't see any partial year help coming up with Google searches. Please help me not have to read IRS publications - at least not without some help getting to the right publication/section.
Thanks.