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dnns_mddn
New Member

Turned 70.5 in Jan. 2018. Advisor thinks i can't deduct IRA in 2017 I'm on the cusp for 2017 & 2018. Can i or Can't i deduct the ira contribution for 2017's filing?

Turned 70.5 in Jan. 2018.  TT allows me to deduct IRA contributions on my 2017 filing.  Advisor thinks i can't.  I'm on the cusp for 2017 & 2018 since i'm 70.5 in Jan 2018.  But TT says i can. And it makes a big difference in refund and amt owed. Can i or Can't i deduct the ira contribution for 2017's filing?

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MinhT
Expert Alumni

Turned 70.5 in Jan. 2018. Advisor thinks i can't deduct IRA in 2017 I'm on the cusp for 2017 & 2018. Can i or Can't i deduct the ira contribution for 2017's filing?

As you are not yet 70 1/2 on the last day on 2017, you can still contribute to your Traditional IRA for tax year 2017. TurboTax is correct.

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1 Reply
MinhT
Expert Alumni

Turned 70.5 in Jan. 2018. Advisor thinks i can't deduct IRA in 2017 I'm on the cusp for 2017 & 2018. Can i or Can't i deduct the ira contribution for 2017's filing?

As you are not yet 70 1/2 on the last day on 2017, you can still contribute to your Traditional IRA for tax year 2017. TurboTax is correct.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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