Is a person eligible for the maximum IRA contribution if he was unemployed for 9 months of 2005, but was employed the first three months of 2005 by an employer who had a retirement plan, but was let go?
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peggysioux -
The fact that the taxpayer was let go or unemployed part of the year has nothing to do with meeting the requirements for an IRA contribution by the taxpayer.
Suggest you review Pub 590, "IRA's", for requirements, and "How Much Can Be Contributed" starting on page 8. http://www.irs.gov/pub/irs-pdf/p590.pdf
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