Are you covered by an employer retirement plan? Many think they have an employer retirement plan, only to realize it is actually something different. You want to really hone in on the Internal Revenue Service definition of one of these retirement plans to make the determination if you meet the criteria or not. You can figure out if you are covered by an employer retirement plan for a tax year if you have the following.
If you have a defined contribution plan, such as a 401(k) then you have an employer retirement plan. The same can be said for an IRA-based plan like a SEP or Simple IRA. A defined benefit plan, such as a pension, also qualifies. An employer retirement plan functions like its own entity. It needs to manage its resources, its funds, disclose to the Internal Revenue Service appropriately, etc. While it gets special tax treatment, it is still an entity to itself that needs to report appropriately to the IRS.