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I wanted to contribute an additional amount to my 401k to reduce my income but when I enter the additional amount it does not change my tax due

 
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1 Reply
JamesG1
Expert Alumni

I wanted to contribute an additional amount to my 401k to reduce my income but when I enter the additional amount it does not change my tax due

Are you referring to a deductible Traditional IRA contribution?

 

Everyone is eligible to make contributions to a traditional IRA, but a tax deduction for those contributions may not always be available. You may need to reduce or entirely eliminate your IRA deduction if you or your spouse:

 

  • contributes to an employer-sponsored retirement plan, such as a 401(k) or 403(b)
  • has Modified Adjusted Gross Income (MAGI) that exceeds annual limits

In TurboTax Online, traditional IRA contributions are reported under Deductions & Credits, then Retirement and Investments, then Traditional and Roth IRA Contributions.

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