Retirement plans for an hourly employee
1) I work on W2 – hourly pay with an employer and I had to sign a paper that I do not participate in 401K and not take any company benefits. Employer does have 401K plan for other regular employees. Is there a way I can contribute to my old 401K plans, just employee portion 19K+6k and deduct in taxes?
2) Can I contribute to IRA and deduct ? Any other vehicles to contribute to retirement plans?
3) Currently I contributed to IRA (did not deduct in taxes because of income > 150K) and did backdoor conversion to ROTH. Note: My wife has her own solo 401K plan for her business.
Thanks in advance
Permalink Submitted by Alan - IRA critic on Sat, 2019-11-16 18:08
You cannot contribute to an old qualified plan, a plan of your former employer. However, you have already made a non deductible TIRA contribution and converted it. Whether your modified AGI would have permitted you to make a regular Roth contribution or deductible TIRA contribution is not clear. The MAGI phaseout for both is 189k-193k for 2019. Your spouse could also do a back door Roth if your joint MAGI is too high for a regular Roth contribution, or perhaps she is not maxing out her solo K contribution.