It may or it may not. It depends upon whether you qualify for deductible Traditional IRA contributions.
TurboTax will determine whether you qualify for a deductible contribution to a traditional IRA.
In TurboTax Premium Online, select Traditional and Roth IRA Contributions under Deductions & Credits and Retirement and Investments.
There are limitations on how much can be deducted based upon:
- Your income (modified adjusted gross income),
- Your filing status, and
- Whether you are covered by a retirement plan (box 13 on your W-2).
The modified adjusted gross income tables are found on pages 13 and 14 of IRS Publication 590-A.
IRS Publication 590-A, page 9, states:
For 2024, the most that can be contributed to your traditional IRA is generally the smaller of the following amounts.
- $7,000 ($8,000 if you are age 50 or older). or
- Your taxable compensation for the year.
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