topic Contributions to a Traditional IRA in Deductions & credits

Contributions to a Traditional IRA

GaryP9 — Sun, 07 Mar 2021 02:25:51 GMT

Turbotax is telling me I cannot contribute to a traditional IRA for 2020 since I am over 70.5 years old (even though I have income to cover it). But I thought that limit was removed by the SECURE Act. Is that a bug in Turbotax?

Re: Contributions to a Traditional IRA

DanaB27 — Sun, 07 Mar 2021 13:56:22 GMT

Yes, for 2020 and later, there is no age limit on making regular contributions to traditional or Roth IRAs. Please make sure that you have the latest update of TurboTax before entering your contribution.

The total contributions you make each year to all of your traditional IRAs and Roth IRAs can't be more than:

$6,000 ($7,000 if you're age 50 or older), or
If less, your taxable compensation for the year

If you still are having issues then please see: What is the TurboTax phone number?

Re: Contributions to a Traditional IRA

GaryP9 — Tue, 09 Mar 2021 17:03:46 GMT

In talking to TurboTax support, they concluded this is an error. Turns out there are 9 other people who reported this same issue. The TT team is implementing a fix, and it should be updated by maybe March 12 (no ETA given in error log).

Re: Contributions to a Traditional IRA

Hal_Al — Tue, 09 Mar 2021 17:09:10 GMT

Try this: change your birthdate in the personal info section. After entering the IRA contribution info, change it back..

let us know if that works (it worked for the similar QCD situation)

Re: Contributions to a Traditional IRA

GaryP9 — Tue, 09 Mar 2021 17:43:36 GMT

Yes. That worked Hal. Thank you.