https://ttlc.intuit.com/community/taxes/discussion/re-ira-contribution/01/3480845#M1287640 <P><SPAN style="font-size:14px;">Are you filing jointly? If yes, is your spouse covered by a retirement plan? Do you have any other income?&nbsp;</SPAN></P> <P><SPAN style="font-size:14px;">Your deduction may be limited if you <STRONG>(or your spouse, if you are married)</STRONG> are </SPAN><A href="https://www.irs.gov/retirement-plans/are-you-covered-by-an-employers-retirement-plan" target="_blank"><SPAN style="font-size:14px;"><U>covered by a retirement plan</U></SPAN></A><SPAN style="font-size:14px;"> at work and your income exceeds certain levels.</SPAN></P> <P>&nbsp;</P> <P><SPAN style="font-size:14px;">Check the <STRONG>effect of </STRONG></SPAN><A href="https://www.irs.gov/publications/p590a" target="_blank"><SPAN style="font-size:14px;"><STRONG>modified AGI</STRONG></SPAN></A><SPAN style="font-size:14px;"><STRONG> on deductible contributions if you are covered by a retirement plan at work: </STRONG></SPAN><A href="https://www.irs.gov/retirement-plans/plan-participant-employee/2024-ira-contribution-and-deduction-limits-effect-of-modified-agi-on-deductible-contributions-if-you-are-covered-by-a-retirement-plan-at-work" target="_blank"><SPAN style="font-size:14px;"><STRONG>irs.gov</STRONG></SPAN></A></P> Thu, 13 Feb 2025 17:52:34 GMT MayaD 2025-02-13T17:52:34Z https://ttlc.intuit.com/community/taxes/discussion/ira-contribution/01/3479881#M1287483 <P>Hello,</P><P>Turbo Tax is not treating my IRA Deduction properly.&nbsp; I do have a retirement plan where I worked, but I only contributed $1359.41. My total income from wages is $39,036.&nbsp; It will show $560 as a deduction for 2024, and the balance of my contribution shows as non-deductible. This seems like a glitch to me.</P><P>Thank you</P> Thu, 13 Feb 2025 03:02:19 GMT https://ttlc.intuit.com/community/taxes/discussion/ira-contribution/01/3479881#M1287483 plmartin09 2025-02-13T03:02:19Z https://ttlc.intuit.com/community/taxes/discussion/re-ira-contribution/01/3480845#M1287640 <P><SPAN style="font-size:14px;">Are you filing jointly? If yes, is your spouse covered by a retirement plan? Do you have any other income?&nbsp;</SPAN></P> <P><SPAN style="font-size:14px;">Your deduction may be limited if you <STRONG>(or your spouse, if you are married)</STRONG> are </SPAN><A href="https://www.irs.gov/retirement-plans/are-you-covered-by-an-employers-retirement-plan" target="_blank"><SPAN style="font-size:14px;"><U>covered by a retirement plan</U></SPAN></A><SPAN style="font-size:14px;"> at work and your income exceeds certain levels.</SPAN></P> <P>&nbsp;</P> <P><SPAN style="font-size:14px;">Check the <STRONG>effect of </STRONG></SPAN><A href="https://www.irs.gov/publications/p590a" target="_blank"><SPAN style="font-size:14px;"><STRONG>modified AGI</STRONG></SPAN></A><SPAN style="font-size:14px;"><STRONG> on deductible contributions if you are covered by a retirement plan at work: </STRONG></SPAN><A href="https://www.irs.gov/retirement-plans/plan-participant-employee/2024-ira-contribution-and-deduction-limits-effect-of-modified-agi-on-deductible-contributions-if-you-are-covered-by-a-retirement-plan-at-work" target="_blank"><SPAN style="font-size:14px;"><STRONG>irs.gov</STRONG></SPAN></A></P> Thu, 13 Feb 2025 17:52:34 GMT https://ttlc.intuit.com/community/taxes/discussion/re-ira-contribution/01/3480845#M1287640 MayaD 2025-02-13T17:52:34Z