Why can't I enter a traditional IRA contribution for tax year 2017, that I will pay in before April 2018,to increase my tax deductions?

[EdwardK · Accepted solution]

It depends. It is difficult to determine your specific reason(s) without reviewing your tax return(s).

Many people are eligible to make contributions to a Traditional IRA, but a tax deduction for those contributions may not always be available. If you or your spouse contributes to an employer-sponsored retirement plan, such as a 401(k) or 403(b), and your Modified Adjusted Gross Income (MAGI) exceeds annual limits, you may need to reduce or entirely eliminate your IRA deduction.

If you and your spouse are not eligible to contribute to an employer plan, you can deduct your contribution as long as you earn income during the year. For purposes of the IRA deduction, earned income excludes interest, dividends and similar types of investment income.

Please review the following link(s) and the link(s) embedded on the webpage(s) for more information:

• Deductions Allowed for Contributions to a Traditional IRA
• How much of my Traditional IRA contribution is deductible?
• What's the difference between a Traditional IRA and a Roth?
• IRS IRA deduction limits