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: 
klm95756j
New Member

I had severance in 2018 but was not allowed to contribute to my retirement plan. How can I contribute to an IRA even if my AGI was high?

I had severance income in 2018- first 3 mo 24,000 and was not allowed to contribute to my retirement plan it was frozen. How can I contribute to an IRA to get a tax benefit even if my AGI was at $100,000 in turbo tax?

1 Reply
MarilynG
Level 11

I had severance in 2018 but was not allowed to contribute to my retirement plan. How can I contribute to an IRA even if my AGI was high?

If your income is between $63,000 and $73,000 in 2018, you qualify for a partial deduction. If you are married filing a joint return, the phase-out limit for deductible IRA contributions begins at $101,000 in 2018 and the write-off disappears once your income tops $219,000.

Type 'ira contributions' in the FIND window, then 'Jump to ira contributions'.

In FORMS mode, you can make entries on the IRA Contribution Worksheet to see how they affect your Form 1040 by toggling between the forms.

Here's a detailed article:

https://turbotax.intuit.com/tax-tips/retirement/boost-your-retirement-savings/L3lryQHVz






Here's a detailed article:

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Dynamic AdsDynamic Ads
Privacy Settings
v