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Get your taxes done using TurboTax
It seems as if your modified adjusted gross income (MAGI) might be over the limit and your contribution will be nondeductible. You still can contribute up to $7,000 for 2020 but it will not be deductible/ lower your AGI if your MAGI is over the limit. This year you have time to make contributions until May 17 (IRS).
The deduction of a traditional IRA may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels. Pease see IRA deduction limits for details.
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March 31, 2021
1:27 PM