How do I figure the maximum amount I may contribute to my IRA to receive the maximum deduction?

[CathiM]

What type of IRA do you have and are you age 50 or older?

[sunflowerclc]

I have a regular Ira and I am 67.  Ive had a CPA do the taxes in the past, he would tell me how much I needed to put in before the deadline.  Trying to figure out how he would come up with the amount he would tell me to make!

[CathiM · Accepted solution]

The maximum contribution you can make to your traditional IRA is $6,500 if you are age 50 and older.  Your CPA was probably telling you only what you needed to contribute to not owe taxes. I am not able to see that, but you can enter the full $6,500 into TurboTax (after you finish entering all income and deductions) and see if you are getting a refund.  If you are, then adjust down the $6,500 until your refund is $0. That will be the amount you need to deposit.