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Level 1

Question

No IRA deduction for Roth IRA contribution

1 reply
10 views

Turbotax is not giving me any deduction for Roth IRA contribution. According to my research, all $5500 should be deductible because my MAGI is less than $184000 and I made no other contributions to a retirement plan (though my husband did). We are married filing jointly. Any explanation?

TurboTax Premier Online

Level 13

Your research is incorrect. There is not now, nor has there ever been a deduction for a ROTH IRA contribution. That is one of the major differences between a Traditional IRA and a ROTH IRA.

You can find proof of that in IRS Publication 590-A at this link:
http://www.irs.gov/pub/irs-pdf/p590a.pdf