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Traditional IRA. My income in 2019 was $8,000, yet when I entered my $6,000 traditional IRA contribution, my return amount didn't increase?

 
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5 Replies

Traditional IRA. My income in 2019 was $8,000, yet when I entered my $6,000 traditional IRA contribution, my return amount didn't increase?

Probably because you have 0 tax liability so the IRA contribution will not increase your refund amount.

Traditional IRA. My income in 2019 was $8,000, yet when I entered my $6,000 traditional IRA contribution, my return amount didn't increase?

Hi and thanks for the reply.  I thought that the IRA deductability was based on income level.  I didn't know that it was also dependent upon tax liability.  Thanks again.  Mike

Traditional IRA. My income in 2019 was $8,000, yet when I entered my $6,000 traditional IRA contribution, my return amount didn't increase?

you get no deduction.,

You should have the custodian recharacterize your IRA to become a Roth IRA. Before July 15.

Traditional IRA. My income in 2019 was $8,000, yet when I entered my $6,000 traditional IRA contribution, my return amount didn't increase?

Great forum!  Not!  Can't change my screen name OR delete my own messages.  Terrible.  Thanks for the non-support.

 

 

Thanks for the reply and the suggestion.  Why no deduction though?  Because I had no tax liability?

 

Traditional IRA. My income in 2019 was $8,000, yet when I entered my $6,000 traditional IRA contribution, my return amount didn't increase?


@jamesmac007 wrote:

Great forum!  Not!  Can't change my screen name OR delete my own messages.  Terrible.  Thanks for the non-support.


You can have a Moderator change your profile screen name; i.e. the name that displays in this user forum.  It does not change your User ID for your Intuit account; only changes what displays in public in this forum.   To do so, post a request in the special thread at the link below which was set up for changing screen names, and a Moderator should see it and help you.  It may or may not be this weekend.

https://ttlc.intuit.com/community/get-started-in-community/help/how-do-i-change-my-profile-username-...

 

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