Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
sunflowerclc
New Member

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

 
1 Best answer

Accepted Solutions
CathiM
New Member

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

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.

View solution in original post

3 Replies
CathiM
New Member

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

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

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

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
New Member

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

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.

Privacy Settings
v