- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Business & farm
You can enter your IRA contribution in Deductions and Credits, Retirements and Investments, Traditional and Roth IRA Contributions:
Your IRA deduction can be limited if you also contribute to a company-sponsored retirement plan. It depends on the amount and the type of income you report.
A taxpayer is considered to be a participant in a company-sponsored retirement plan if their account balance receives any contributions at all in a given year, even if all the contributions were made by the employer.
- The IRA deduction is phased out if you have between $66,000 and $76,000 in modified adjusted gross income (MAGI) as of 2021 if you're single or filing as head of household. You'll be entitled to less of a deduction if you earn $66,000 or more, and you're not allowed a deduction at all if your MAGI is over $76,000.
- The IRA deduction is phased out between $105,000 and $125,000 if you're married and filing jointly as of 2021, or if you're a qualifying widow(er). Those with MAGIs over $125,000 aren't allowed a deduction.
ā€ˇFebruary 24, 2021
2:13 PM