topic Traditional IRA contribution in Deductions & credits

Traditional IRA contribution

schellkm — Thu, 16 Jan 2020 02:45:34 GMT

My company started offering a retirement account in November. Prior to that, I was contributing to a traditional IRA. The TurboTax program won't deduct my IRA contribution for the year stating that it can't be deducted if your employer offers a retirement program, however, they did not have one when I was contributing. Any advice on how to fix this?

Re: Traditional IRA contribution

MinhT1 — Thu, 16 Jan 2020 16:48:42 GMT

If you are covered by a retirement plan at work (even for one month in the year), you are considered and covered. Unfortunately, this is how the tax code works.

As a covered individual, your IRA deduction may be limited or completely eliminated depending on your modified AGI in 2019.

Please read this IRS article for more information.