Solved
Can an IRA account be bought in cash and in full by 4/18 even if you have retirement account with employer and going to retire in May?
No text available
The IRA can be bought, but whether it can be deducted in full on your tax return depends on your Modified Gross Income. You are limited by the fact that you are covered by a retirement plan at work (doesn't matter for how long), your filing status and your income.
Please see below link, it shows the limit of the deduction.
You can also enter your contribution in the program, TurboTax will let you know how much of deduction you can get based on your contribution amount and your tax situation:
- Federal Taxes
- Deductions and Credits (you may have to select see all tax breaks)
- Scroll down to Retirement and Investment
- Select Traditional and Roth IRA Contributions
Get answers to all your tax questions
Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.
Explore your optionsEnter your E-mail address. We'll send you an e-mail with instructions to reset your password.
©1997-2026 Intuit, Inc. All rights reserved.
Intuit, QuickBooks, QB, TurboTax, Credit Karma, and Mailchimp are registered trademarks of Intuit Inc. Terms and conditions, features, support, pricing, and service options subject to change without notice.
Security Certification of the TurboTax Online application has been performed by C-Level Security.
By accessing and using this page you agree to the Terms of Use.
© 2026 Intuit Canada ULC or its affiliated companies. All rights reserved. Intuit, QuickBooks, QB, TurboTax and ProFile are registered trademarks of Intuit Inc. Terms and conditions, features, support, pricing, and service options subject to change without notice.
Copyright © Intuit Canada ULC, 2026. All rights reserved.
© 2026, Entreprises Intuit Canada ULC ou ses sociétés affiliées. Tous droits réservés. Intuit, QuickBooks, QB, TurboImpôt et ProFile sont des marques déposées d’Intuit Inc. Les modalités, prix, fonctions et options de service et de soutien peuvent changer sans préavis.
© 2026, Entreprises Intuit Canada ULC. Tous droits réservés.