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Retirement tax questions
No, entries under Deductions & Credits have nothing to do with rollovers. As long as you had sufficient compensation in 2019 to make a regular traditional IRA contribution, TurboTax was just telling you that your modified AGI in 2019 was too high to be able to deduct the contribution. You are still permitted to make the contribution. By not being able to deduct the contribution, it represents an amount that will be nontaxable when eventually distributed from the IRA. Until you have no more money in traditional IRAs, this will generally make each distribution a proportionate share of taxable and nontaxable amounts.
March 5, 2020
7:51 AM