Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Mar 22, 2025 1:40:00 PM

Why is TT saying I can only deduct $2,032 of my $5k IRA contribution when my total IRA contribution does not exceed $7k nor exceed earned income?

0 3 562
3 Replies
Expert Alumni
Mar 22, 2025 2:35:07 PM

It sounds like your income may be too high.  IRA contributions are only partially deductible when your Modified Adjust Gross Income (MAGI) falls in a certain range, which depends on your filing status.  For a single, in 2024 that range is $77,000 - $87,000.

 

For more information and the ranges for all filing statuses, see: Is an IRA contribution deductible?

New Member
Mar 25, 2025 4:35:38 PM

My income was not that high so I don't understand why the software is saying I'd be penalized.

Level 15
Mar 25, 2025 4:39:01 PM

How much was your earned income?  What kind of income?   From W2 or a Net Profit on Schedule C for self employment.   If you only have self-employment income you can only contribute up to your net profit reduced by the deduction allowed for one-half of your self-employment taxes then only up to the max IRA limit.