Why can't I deduct my IRA contribution? TurboTax tells me my income is too high. My gross is $64,416 and my adjusted is $56,566.

[DawnC0 · Accepted solution]

Your deduction may be limited if you (or your spouse, if you are married) are covered by a retirement plan at work and your income exceeds certain levels.

These charts show the income range in which your deduction may be disallowed if you or your spouse participates in a retirement plan at work:

• IRA Deduction if You ARE Covered by a Retirement Plan at Work
• IRA Deduction if You Are NOT Covered by a Retirement Plan at Work (deduction is limited only if your spouse IS covered by a retirement plan)

Roth IRA contributions aren’t deductible.  And the limits are based on Modified Adjusted Gross Income, not AGI.

Difference Between AGI and MAGI on Your Taxes