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Why is Turbo Tax suggesting an IRA contribution (2018) for my wife of $714 when Fidelity shows the income limit to open an IRA is below what we are reporting for 2018?
Turbo Tax indicates we will save $192 if she makes a $714 contribution to a traditional IRA for last year. Is our retirement income treated differently as far as income limits for IRA eligibility?
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Why is Turbo Tax suggesting an IRA contribution (2018) for my wife of $714 when Fidelity shows the income limit to open an IRA is below what we are reporting for 2018?
You have to have earned income to o an IRA, so it can;t be retirement income.
So if your wife has at least $714 of earned income and is below 70 1/2 years old.
See this link for more detail on the income limitations. https://www.irs.gov/retirement-plans/plan-participant-employee/2018-ira-contribution-and-deduction-l...
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Why is Turbo Tax suggesting an IRA contribution (2018) for my wife of $714 when Fidelity shows the income limit to open an IRA is below what we are reporting for 2018?
You have to have earned income to o an IRA, so it can;t be retirement income.
So if your wife has at least $714 of earned income and is below 70 1/2 years old.
See this link for more detail on the income limitations. https://www.irs.gov/retirement-plans/plan-participant-employee/2018-ira-contribution-and-deduction-l...
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