TIRA and 401k
If individual was making TIRA contributions all of 2021 and in the last few months of the year changes jobs and gains access to 401k do they have to remove TIRA contributions for 2021?
If individual was making TIRA contributions all of 2021 and in the last few months of the year changes jobs and gains access to 401k do they have to remove TIRA contributions for 2021?
Permalink Submitted by David Mertz on Thu, 2022-02-17 12:38
Being an active participant in an employer plan does not make you ineligible to make a TIRA contribution, so changing jobs would not make earlier contributions be excess contributions that would have to be removed. It might just make them nondeductible TIRA contributions depending on your MAGI, which you could choose to remove if you do not want to make nondeductible contributions.