Employer Retirement Plans
How does having an employer retirement plan affect my IRA deduction?
If you (or your spouse) are covered by an employer retirement plan at any time during the year
for which contributions were made, the amount of your IRA deduction may be reduced or eliminated.
How do I know if I am covered by an employer retirement plan?
You can usually tell if you are covered by such a plan by looking at box 13 of your W-2. If you
are covered by your employer's plan, the Retirement Plan box should be checked. If you are not certain whether or
not you were covered by your employer's plan, you should ask your employer.
Are social security benefits or railroad retirement benefits considered employer plans?
Social Security or Tier I and Tier II railroad retirement benefits are not considered coverage
under an employer plan. If you receive retirement benefits from a previous employer's plan and are not covered
under your current employer's plan, you are not considered covered.