Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
dnns_mddn
New Member

Turned 70.5 in Jan. 2018. Advisor thinks i can't deduct IRA in 2017 I'm on the cusp for 2017 & 2018. Can i or Can't i deduct the ira contribution for 2017's filing?

Turned 70.5 in Jan. 2018.  TT allows me to deduct IRA contributions on my 2017 filing.  Advisor thinks i can't.  I'm on the cusp for 2017 & 2018 since i'm 70.5 in Jan 2018.  But TT says i can. And it makes a big difference in refund and amt owed. Can i or Can't i deduct the ira contribution for 2017's filing?

1 Best answer

Accepted Solutions
MinhT
Expert Alumni

Turned 70.5 in Jan. 2018. Advisor thinks i can't deduct IRA in 2017 I'm on the cusp for 2017 & 2018. Can i or Can't i deduct the ira contribution for 2017's filing?

As you are not yet 70 1/2 on the last day on 2017, you can still contribute to your Traditional IRA for tax year 2017. TurboTax is correct.

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

View solution in original post

1 Reply
MinhT
Expert Alumni

Turned 70.5 in Jan. 2018. Advisor thinks i can't deduct IRA in 2017 I'm on the cusp for 2017 & 2018. Can i or Can't i deduct the ira contribution for 2017's filing?

As you are not yet 70 1/2 on the last day on 2017, you can still contribute to your Traditional IRA for tax year 2017. TurboTax is correct.

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

View solution in original post

Dynamic AdsDynamic Ads
Privacy Settings
v