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why won't turbotax let me take my 7,000 ira deduction? It says I'm not eligible and i need to finish return before they can tell me.

 
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1 Reply
DanaB27
Expert Alumni

why won't turbotax let me take my 7,000 ira deduction? It says I'm not eligible and i need to finish return before they can tell me.

Please be aware, the Traditional IRA deduction may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels. Please see IRA deduction limits for details.

 

You can still make the IRA contribution but your basis (nondeductible contribution) will be tracked on Form 8606.

 

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