I had severance in 2018 but was not allowed to contribute to my retirement plan. How can I contribute to an IRA even if my AGI was high?

Forum|Forum|7 years ago
June 6, 2019
1 reply
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I had severance income in 2018- first 3 mo 24,000 and was not allowed to contribute to my retirement plan it was frozen. How can I contribute to an IRA to get a tax benefit even if my AGI was at $100,000 in turbo tax?

TurboTax Premier Windows

MarilynG

Level 15

If your income is between $63,000 and $73,000 in 2018, you qualify for a partial deduction. If you are married filing a joint return, the phase-out limit for deductible IRA contributions begins at $101,000 in 2018 and the write-off disappears once your income tops $219,000.

Type 'ira contributions' in the FIND window, then 'Jump to ira contributions'.

In FORMS mode, you can make entries on the IRA Contribution Worksheet to see how they affect your Form 1040 by toggling between the forms.

Here's a detailed article:

https://turbotax.intuit.com/tax-tips/retirement/boost-your-retirement-savings/L3lryQHVz

Here's a detailed article:

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