Why did I not qualify for my donation to my IRA

mommom_50 · ‎July 8, 2020

It said possibly my income was too high to be eligible for IRA contribution deduction. What is the amount of income you need to be eligible

GiseleD · ‎July 8, 2020

Were you covered by a retirement plan at work? If so, there are modified AGI (MAGI) income phaseouts based on filing status. They are below:

MFJ, QW: $103,000 to $ 123,000

Single, HOH: $64,000 to $ 74,000

MFS: $0 to $ 10,000

Spouse not covered by employer: $193,000 to $ 203,000

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dmertz · ‎July 8, 2020

The phaseouts only apply to the eligibility to deduct the traditional IRA contribution, not to the eligibility to make the contribution. To be eligible to make the contribution you must have sufficient compensation (generally income in box 1 of a W-2 minus any amount in box 11, or net earnings from self-employment), and for 2019 you cannot have reached age 70½ or over in 2019.