Not sure if I'm missing a box that needs to be checked, but:
I left my job in June 2021 that had a 401(k). Upon leaving, I rolled this money into a traditional IRA due to not being eligible for a 401(k) yet at my new job. This "distribution" (rollover) increased my MAGI to over $76,000, which is the limit for contribution deduction to a traditional IRA. I contributed to my IRA after rollover, but before eligibility in my new 401(k). TurboTax is telling me my contributions to my IRA are not deductible due to the MAGI threshold and the fact that I had an employer-sponsored 401(k) during the year. Did I do something wrong or is TurboTax not collecting all the necessary information?
Thanks,
A CPA
