If I make 68K a year and am a 54 y o single woman and I maxed out my Roth IRA at 7500, why is Turbo Tax not giving me the deduction?

I thought it was over 77K this year to not get it.

posted

You don't get a deduction with a Roth IRA. The advantage to a Roth IRA is that distributions later will be tax free.

With a traditional IRA you can receive a deduction and then you pay tax later on the distributions.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Do you have an Intuit account?