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Can we take an IRA deduction?
Can we take an addition deduction if I retired in 2018 after making the maximum contribution (including makeup) of $24,500 to my employer's 401K plan? We are married, filing jointly. My wife was not employed in 2018 and did not/has not made a retirement contribution to any kind of IRA for 2018. TurboTax is advising that we can contribute another $13K ($6500 each) and gain a tax deduction for doing so. Can we take an additional deduction this way?
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‎June 3, 2019
11:13 AM