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SARSEP and Traditional IRA


Guest gonzalezk
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Guest gonzalezk

If my employer offers a SARSEP Plan but I have never signed up for the plan, can I still take the deduction from a Traditional IRA ?

I asked my employer about this and he assures me that I can take the IRA deduction. According to Publication 590, I cannot take the deduction if my employer OFFERS a pension or annuity plan. I don't want to get penalized by the IRS if my boss is incorrect. Is a SARSEP plan considered a pension or annuity ?

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  • 2 weeks later...
Guest gonzalezk

Actually, I found out already but your help is appreciated. I read that publication but it didn't mention anything about SARSEP specifically. But now that you have informed me that it is not a pension or annuity plan, I can definitely take the IRA deduction.

Thanks again.

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