topic IRA in Get your taxes done using TurboTax

IRA

slohcins — Tue, 10 Mar 2020 18:12:52 GMT

Turbo Tax stated that I could lessen my tax burden by getting a IRA. For my age 7000. was max. So I bought a 7000 IRA and when I entered it Turbo told me my income was too high. LOL Turbo knew what my income was before I was told to buy the IRA

Re: IRA

ThomasM125 — Tue, 10 Mar 2020 21:29:48 GMT

The maximum amount you can contribute to an IRA can be limited by your income under certain circumstances, especially when you have a retirement plan at work.

You can withdraw the excess you contributed by April 15, 2020 and you won't be penalized for contributing too much for 2019.

Re: IRA

slohcins — Fri, 10 Apr 2020 20:21:20 GMT

That still doesn't answer my question of why Turbo told me I could save when they knew exactly what I had made. I think you have a glitch in your program.