TIRA Deduction
Hi:
I have a client who currently works for the Town of Orchard Park, NY. and is going to receive a NY pension when he retires. He would like to make a deductible TIRA contribution for 2024. Is he considered to be covered by a plan since he will receive a pension? Thank you
Permalink Submitted by Alan - IRA critic on Mon, 2025-01-27 11:23
If no longer a participant in a workplace retirement plan (and spouse is not either), there are no income limits for deducting an IRA contribution, but there must be earned income. Receiving pension payments is not considered as participating in a workplace plan.