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Level 5
Mar 13, 2024 2:42 PM UTC
Solved

IRA Contributions

TurboTax is telling me I can make tax deductible IRA contributions even though my AGI exceeds limits.  I have current income which has no benefits included, but I do a couple of pensions from previous employers.  Can I make contributions for 2023?

JohnB5677
JohnB5677Answer
Alumni - Intuit
Mar 13, 2024 3:05 PM UTC

There is no income limit to contribute to a Traditional IRA, provided you do not have a retirement plan at work.

This chart will give you the 2023 IRA Deduction Limits - Effect of Modified AGI on Deduction if You Are Covered by a Retirement Plan at Work.

 

After you enter your Traditional IRA contribution in TurboTax, and continue the interview,

  • You will be asked "Retirement Plan Coverage? Are you covered by a retirement plan at work?"
  • If you answer NO, your income is not a problem.

                               

 

 

 

Please contact us again with any additional questions.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

2 replies

JohnB5677
JohnB5677Answer
Alumni - Intuit
Mar 13, 2024 3:05 PM UTC

There is no income limit to contribute to a Traditional IRA, provided you do not have a retirement plan at work.

This chart will give you the 2023 IRA Deduction Limits - Effect of Modified AGI on Deduction if You Are Covered by a Retirement Plan at Work.

 

After you enter your Traditional IRA contribution in TurboTax, and continue the interview,

  • You will be asked "Retirement Plan Coverage? Are you covered by a retirement plan at work?"
  • If you answer NO, your income is not a problem.

                               

 

 

 

Please contact us again with any additional questions.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"
Level 5
Mar 13, 2024 3:11 PM UTC

Thanks!