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Traditional IRA rules

1 reply
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When I got to review section for federal return, Turbo Tax said if I make a traditional IRA contribution for my husband, my refund would increase by quite a bit. I made the change to show I would make the contribution for 2018 but my refund amount did not change. He is 60, has a pension plan and thrift savings plan but did not max out his contribution. Can I really make an IRA contribution or not? If so why did it say I could and then not update my refund amount?

TurboTax Premier Mac

Employee Tax Expert

Your traditional IRA contributions may be tax-deductible. But the deduction may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels. Please see the limits below:

IRA Deduction if You ARE Covered by a Retirement Plan at Work - 2018
IRA Deduction if You Are NOT Covered by a Retirement Plan at Work - 2018 (deduction is limited only if your spouse IS covered by a retirement plan)

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

Employee Tax Expert

Answer

Employee Tax Expert

Your traditional IRA contributions may be tax-deductible. But the deduction may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels. Please see the limits below:

IRA Deduction if You ARE Covered by a Retirement Plan at Work - 2018
IRA Deduction if You Are NOT Covered by a Retirement Plan at Work - 2018 (deduction is limited only if your spouse IS covered by a retirement plan)

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