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richswet51
New Member

I receive a pension and social security. I'm 66 I also work part time. For a Traditional IRA, will my deduction for the IRA be reduced because I am receiving a pension?

 
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MichaelL1
Level 15

I receive a pension and social security. I'm 66 I also work part time. For a Traditional IRA, will my deduction for the IRA be reduced because I am receiving a pension?

Your IRA contribution will be limited by the income from the part-time job and may be limited to overall income limitations on the return.

Having a pension is added to your income but the fact that is a pension does not limit the IRA contribution.

Best thing to do, is to enter a Pension contribution in TurboTax and it will first see if it is allowable, and then show the tax benefit.  It can be contributed for the 2017 tax year, up to April 17, 2018.

Please see below more detail. 

https://ttlc.intuit.com/replies/3301534

View solution in original post

1 Reply
MichaelL1
Level 15

I receive a pension and social security. I'm 66 I also work part time. For a Traditional IRA, will my deduction for the IRA be reduced because I am receiving a pension?

Your IRA contribution will be limited by the income from the part-time job and may be limited to overall income limitations on the return.

Having a pension is added to your income but the fact that is a pension does not limit the IRA contribution.

Best thing to do, is to enter a Pension contribution in TurboTax and it will first see if it is allowable, and then show the tax benefit.  It can be contributed for the 2017 tax year, up to April 17, 2018.

Please see below more detail. 

https://ttlc.intuit.com/replies/3301534

View solution in original post

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