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Deduction for Traditional IRA Contribution Tax year 2019

It appears that Turbo Tax calculates a deduction for contributions to Traditional IRAs for myself and non-working spouse even though I have surpassed the income limit for deductions. It does not appear to be correct.

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2 Replies

Deduction for Traditional IRA Contribution Tax year 2019

Is is only non-deductible or partly deducible if you are covered by a retirement plan at work.

It phases out - perhaps you have a partial deduction.

 

The IRA contribution  section should tell you if it is deductible or not.

**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.**

Deduction for Traditional IRA Contribution Tax year 2019

I am not covered by any retirement plan. I just reviewed pub 590 A , and confirmed contributions are deductible and do not phase out. Calculator on Turbo Tax did work, I just did not press correct button since contribution for 2019 not yet made.

Thanks

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