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New Member
posted Jun 4, 2019 2:05:15 PM

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

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1 Best answer
New Member
Jun 4, 2019 2:05:21 PM

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.

3 Replies
New Member
Jun 4, 2019 2:05:17 PM

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

New Member
Jun 4, 2019 2:05:20 PM

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!

New Member
Jun 4, 2019 2:05:21 PM

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.