non-deductible Traditional IRA contributions

Submitted by Kenneth Barr on Sun, 2008-01-27 06:07

I retired from my job in June of 2007 and rolled a lump sum pension and my 401k over to an IRA account. In November I added $500.00 dollars, out of my regular bank account, to the IRA that I setup for my retirement funds. Is the $500.00 considered deductible or not?

Thanks for the help.



Submitted by Denise Appleby on Sun, 2008-01-27 14:03

It depends on whether you are considered an [url=http://www.retirementdictionary.com/active-participant.htm%5Dactive participant[/url]for the year.

See the Q&A at http://www.retirementdictionary.com/activeparticipantworkfewdays.htm



Submitted by Kenneth Barr on Sun, 2008-01-27 14:44

Thank you Denise.



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