Ira reduced? why /

Forum|Forum|6 years ago
May 24, 2020
1 reply
6 views

max allowed 401k 24k..put in 3594.00...ira max allowed 7k turbo tax is reducing it to 4850.00 automaticly ?

TurboTax Deluxe Online

macuser_22

Alumni - Champ

What type of IRA, Traditional or Roth? If the amount of contribution is not allowed then it either exceeds your taxable compensation or is phased out because of the MAGI limits. The IRA contribution interview tells you the reason - what does it say?

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

bill57Author

Level 2

traditional ira... i dont know what interview you speak of or where its at..thank you

macuser_22

Alumni - Champ

I guess I do not understand you question. If you did not enter the contribution then how do you know that it is disallowed? Where did you enter it that tells you than only $4,850 is allowed?

(The only way a Traditional IRA contribution would be disallowed would be if you did not have at least $7,000 of taxable compensation.)

You did not try to enter your 401(k) contribution as a IRA did you? A 401(K) is NOT an IRA and is only entered in box 12 on yiur W-2 - nowhere else.

Enter IRA contributions here:
Federal Taxes,
Deductions & Credits,
I’ll choose what I work on (if that screen comes up),
Retirement & Investments,
Traditional & Roth IRA contribution.

OR Use the "Tools" menu (if online version under My Account) and then "Search Topics" for "ira contributions" which will take you to the same place.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**