IRA reporting questions

Forum|Forum|6 years ago
March 4, 2020
1 reply
6 views

No text available

TurboTax Live Deluxe Online

AlanT222

Level 15

What are your questions regarding reporting your IRA?

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

Sebago4Me2

Level 2

Turbo Tax is not allowing my IRA contributions. It says we don't qualify because we exceed the income allowed. It says that married filing jointly when one spouse is not covered by a employer plan, the income can be up to $196k. We are not at that level and I have been unemployed in 2020. Thank you for your assistance.

ThomasM125

Level 15

If you are just reporting unemployment income, then you would not qualify for an IRA contribution since you need earned income for that and unemployment income is not earned income. So, the reason given for not being able to contribute may be misleading, but you may still not be able to make the contribution.

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