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Level 1
posted Mar 14, 2023 4:55:21 PM

Turbotax keeps treating my traditional IRA contribution for 2022 as if I have a retirement plan at work but I'm self employed. How/where can I correct this please?

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4 Replies
Expert Alumni
Mar 14, 2023 5:29:03 PM

Your traditional IRA deduction may be limited if you have a spouse who is covered by a retirement plan at work.

 

See: 2022 IRA Contribution and Deduction Limits Effect of Modified AGI on Deductible Contributions if You are NOT Covered by a Retirement Plan at Work

Level 1
Mar 14, 2023 5:36:38 PM

No, we are both self employed. I see that for both of us the box is checked indicating that we are both covered by a retirement plan at work. I have no way of unchecking these boxes. Thus, it is calculating the contribution amount that is tax deductible incorrectly. How can I get these checked boxes unchecked?

Expert Alumni
Mar 14, 2023 6:10:04 PM

Usually a check mark in the box 13 entry on your W-2 form that says "Retirement plan" would tell TurboTax that you had a retirement plan at work. If you entered W-2 income, you need to review that entry and make sure box 13 is not checked. Also, you may have a blank W-2 carried over from a previous year that had box 13 checked and that may make TurboTax think you have a retirement plan. You can delete the errant W-2 as follows:

 

  1. Click on Tax Tools in the left menu bar
  2. Click on Tools
  3. Look under Other Helpful Links and choose Delete a form

 

Find the form or schedule you want to remove in the list and click on the delete icon to remove it.

Level 15
Mar 15, 2023 6:59:58 AM

Is either of you contributing to a self-employed retirement plan, shown on TurboTax's Keogh, SEP and SIMPLE Contribution Worksheet?  If so, that makes you covered.