AnnetteB6
Employee Tax Expert

Deductions & credits

Your original question stated that TurboTax tells you that an IRA deduction is not allowed.  That does not mean that you cannot contribute to a Traditional IRA, it just means that you will not be able to deduct your contribution and receive a tax benefit on your return for doing so.  You are still eligible to make a non-deductible (after-tax) contribution to a Traditional IRA if you wish.  

 

You can contribute up to your allowed IRA contribution limit based on your age, either $6000 or $7000 if age 50 or older.  

 

Can I contribute to both a 401(k) and an IRA?

 

@MitsyMax

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