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sadyer
New Member

When I enter my IRA as a roth IRA my AGI does not go down but if I enter it as a traditional it does. For tuition assistance the AGI cannot be over $12,752.

 
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IreneS
Intuit Alumni

When I enter my IRA as a roth IRA my AGI does not go down but if I enter it as a traditional it does. For tuition assistance the AGI cannot be over $12,752.

UPDATED FOR TAX YEAR 2019

 

Contributions to a Roth IRA are not deductible on your tax return, just contributions to traditional IRA. 

 

Only contributions to a traditional IRA can be deducted on your return.  For 2019, the most that can be contributed to your traditional IRA generally is the smaller of the following amounts:

  •  $6,000  ($7,000 if you are age 50 or older), or
  • Your taxable compensation for the year.

Your traditional IRA contributions may be tax-deductible. The deduction may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels.

For more information, please see these IRA publications:

 

[Edited | 3/17/2020 |  1:30pm PDT]

 

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1 Reply
IreneS
Intuit Alumni

When I enter my IRA as a roth IRA my AGI does not go down but if I enter it as a traditional it does. For tuition assistance the AGI cannot be over $12,752.

UPDATED FOR TAX YEAR 2019

 

Contributions to a Roth IRA are not deductible on your tax return, just contributions to traditional IRA. 

 

Only contributions to a traditional IRA can be deducted on your return.  For 2019, the most that can be contributed to your traditional IRA generally is the smaller of the following amounts:

  •  $6,000  ($7,000 if you are age 50 or older), or
  • Your taxable compensation for the year.

Your traditional IRA contributions may be tax-deductible. The deduction may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels.

For more information, please see these IRA publications:

 

[Edited | 3/17/2020 |  1:30pm PDT]

 

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