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Level 1

I can contribute to an IRA but when I indicate that I am making the the contribution between Jan. 1 and Apr 18 the tax deduction is negated. Why?

Turbo Tax suggested the contribution and on the worksheet, I could see the tax deduction.  So I indicated later that I was making the contribution (2,500) but when I then showed that I was making the contribution in 2017, the tax deduction was negated.
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Level 1

I can contribute to an IRA but when I indicate that I am making the the contribution between Jan. 1 and Apr 18 the tax deduction is negated. Why?

The IRA contribution would not be tax deductible if:

  • You took money out of a retirement account (NOT a rollover) within the last two years.
  • If your MAGI exceeds the allowable income range (see How much of my Traditional IRA contribution is deductible?).
  • If your total contribution for 2016 exceeds $5,500 ($6,500 if you are over age 50).
  • You are older than age 70 1/2.

If none of these applies, write back.



1 Reply
Level 1

I can contribute to an IRA but when I indicate that I am making the the contribution between Jan. 1 and Apr 18 the tax deduction is negated. Why?

The IRA contribution would not be tax deductible if:

  • You took money out of a retirement account (NOT a rollover) within the last two years.
  • If your MAGI exceeds the allowable income range (see How much of my Traditional IRA contribution is deductible?).
  • If your total contribution for 2016 exceeds $5,500 ($6,500 if you are over age 50).
  • You are older than age 70 1/2.

If none of these applies, write back.