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Level 1
June 1, 2019
Solved

Why will the system not accept my additional 401K deduction? I

  • June 1, 2019
  • 3 replies
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I am filing jointly.  My income is 83,227 and my wife is 52,241.  I own the 401K and want to make a $2,000 contribution.  The system is telling me my AGI is too high.

Best answer by MichaelL1

If you're covered by a retirement plan at work, use this table to determine if your modified AGI affects the amount of your deduction.

Married filing jointly and

Your Modified AGI Is.

$101,000 or less

a full deduction up to the amount of your contribution limit.

 more than $101,000 but less than $121,000

  a partial deduction.

 $121,000 or more

 no deduction.


3 replies

MichaelL1
Level 15
June 1, 2019
The W-2 has marked a retirement plan at work.
MichaelL1
Level 15
June 1, 2019
Box 13 on the Form W-2 you receive from your employer should contain a check in the “Retirement plan” box if you are covered. If you are still not certain, check with your (or your spouse’s) employer.

The limits on the amount you can deduct don’t affect the amount you can contribute. However, you can never deduct more than you actually contribute.
MichaelL1
MichaelL1Answer
Level 15
June 1, 2019

If you're covered by a retirement plan at work, use this table to determine if your modified AGI affects the amount of your deduction.

Married filing jointly and

Your Modified AGI Is.

$101,000 or less

a full deduction up to the amount of your contribution limit.

 more than $101,000 but less than $121,000

  a partial deduction.

 $121,000 or more

 no deduction.