An accountant told us you cannot make a traditional IRA contribution if you contribute to a 401k through your employer. Why is Turbo Tax program is allowing us to add a Traditrional IRA contribution?
You'll need to sign in or create an account to connect with an expert.
The accountant may be a bit off (or you may have misunderstood each other). You can contribute to an IRA even if you are covered by a retirement plan from your employer. However, the amount that you can deduct may be limited by your MAGI. This doesn't prevent you from making a contribution - it reduces the amount that can be deducted.
The income limits for making deductible IRA contributions are found at these two links:
The accountant may be a bit off (or you may have misunderstood each other). You can contribute to an IRA even if you are covered by a retirement plan from your employer. However, the amount that you can deduct may be limited by your MAGI. This doesn't prevent you from making a contribution - it reduces the amount that can be deducted.
The income limits for making deductible IRA contributions are found at these two links:
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
jeremy-woolley
New Member
Reza_abdoli
New Member
paulhbg1
New Member
mcyuliana
New Member
neumangl
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.