Hi LL213
For most taxpayers, saving for retirement is the best way to lower your taxes and to build a sizable nest egg. TurboTax will help you take advantage of the tax deductions related to saving for your retirement.
If you're among the 51 million Americans who participate in a company's 401(k) plan, you can contribute up to $19,500 in 2020. And if you are 50 or older, you can stash an extra $6,500 in catch-up contributions, for a total of $26,000.
If you participate in a workplace-based retirement plan, you can still make tax-deductible contributions to an IRA if you are single and your income is less than $65,000 in 2020.
- If your income is between $65,000 and $75,000 in 2020, you qualify for a partial deduction.
- If you are married filing a joint return, the phase-out limit for deductible IRA contributions begins at $104,000 in 2020 and the write-off disappears once your income tops $124,000.
https://turbotax.intuit.com/tax-tips/retirement/boost-your-retirement-savings/L3lryQHVz
Hope that helps,
Ron
