You'll need to sign in or create an account to connect with an expert.
A contribution for 2019 must be completed and posted by July 15. Since most financial institutions take 2-3 business days to post a new contribution, it is doubtful that it can be done at this late date. If you do, be sure to ask the financial institution what tax year they can post it to.
You cannot contribute $14,000 to a 2019 IRA.
The maximum IRA contributions for 2019 is $6,000, or $7,000 if you’re age 50 or older by the end of the year; or your taxable compensation for the year which ever is less.
(Taxable compensation is generally wages that you worked for - W-2 or net self-employed income minus the deducible part of the SE tax, but can include commissions, certain alimony and separate maintenance, and nontaxable combat pay ).
See IRS Pub 590A "What is compensation" for details:
https://www.irs.gov/publications/p590a#en_US_2018_publink1000230355
See this IRS link for Traditional IRA deduction limits when covered by a retirement plan at work.
https://www.irs.gov/Retirement-Plans/IRA-Deduction-Limits
Perhaps this is two IRA contributions, $7,000 to this individual's IRA and $7,000 to this individual's spouse's IRA.
Yes it is two as you stated. Thank you
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
fa4ad383a4ea
New Member
fasteddie577
Level 6
ecfea0d789f1
New Member
Anil Chandra
New Member
martintrailjr
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.