W-2’s from multiple employers, only one checked retirement plan box
Hi,
I have a client who is under 70.5, marries filing jointly, whose MAGI is above $118,000 but under $183,000, and receives three W-2’s. Two of the W-2’s do not have retirement plan box checked, and one does. Can she deduct her TIRA contribution on behalf of this tax year in question or not?
Thank you
Permalink Submitted by Alan - IRA critic on Wed, 2015-03-25 19:02
No deduction unless the one that is checked was incorrect. All it takes is one W-2 with the retirement plan box checked. If client is participating for only one day of the year, the box is to be checked and the modified AGI limits will apply for a TIRA deduction.