DanaB27
Expert Alumni

Retirement tax questions

Yes, your traditional IRA deduction may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels. Please see IRA deduction limits for details.

 

If you have a retirement plan at work and are above these limits then please verify that you answered that you have a retirement plan at work during the IRA contribution interview if your W-2 box 13 isn't checked.

 

If you are in the phaseout range then only part of your contribution will be automatically made nondeductible and you get a choice to make the rest of the contribution nondeductible.

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