https://ttlc.intuit.com/community/retirement/discussion/i-said-that-i-would-contribute-14-000-to-an-ira-because-i-would-get-a-bigger-return-for-2019-its/01/1680020#M110056 Tue, 14 Jul 2020 16:39:50 GMT bbliston1 2020-07-14T16:39:50Z https://ttlc.intuit.com/community/retirement/discussion/i-said-that-i-would-contribute-14-000-to-an-ira-because-i-would-get-a-bigger-return-for-2019-its/01/1680020#M110056 Tue, 14 Jul 2020 16:39:50 GMT https://ttlc.intuit.com/community/retirement/discussion/i-said-that-i-would-contribute-14-000-to-an-ira-because-i-would-get-a-bigger-return-for-2019-its/01/1680020#M110056 bbliston1 2020-07-14T16:39:50Z https://ttlc.intuit.com/community/retirement/discussion/re-i-said-that-i-would-contribute-14-000-to-an-ira-because-i-would-get-a-bigger-return-for-2019-its/01/1680518#M110087 <P>A contribution&nbsp; for 2019 must be completed and posted by July 15.&nbsp;&nbsp; Since most financial institutions take 2-3 business days to post a new contribution, it is doubtful that it can be done at this late date.&nbsp;&nbsp; If you do, be sure to ask the financial institution what tax year they can post it to.</P> <P>&nbsp;</P> <P>&nbsp;</P> <P>You cannot contribute $14,000 to a 2019 IRA.</P> <P>&nbsp;</P> <P>The maximum IRA contributions for 2019 is $6,000, or $7,000 if you’re age 50 or older by the end of the year; or your taxable compensation for the year which ever is less.<BR /><BR />(Taxable compensation is generally wages that you worked for - W-2 or net self-employed income minus the deducible part of the SE tax, but can include commissions, certain alimony and separate maintenance, and nontaxable combat pay ). <BR /><BR />See IRS Pub 590A "What is compensation" for details:<BR /><A href="https://www.irs.gov/publications/p590a#en_US_2018_publink1000230355" target="_blank" rel="noopener">https://www.irs.gov/publications/p590a#en_US_2018_publink1000230355</A><BR /><BR />See this IRS link for Traditional IRA deduction limits when covered by a retirement plan at work.<BR /><BR /><A href="https://www.irs.gov/Retirement-Plans/IRA-Deduction-Limits" target="_blank" rel="noopener">https://www.irs.gov/Retirement-Plans/IRA-Deduction-Limits</A></P> Tue, 14 Jul 2020 18:17:33 GMT https://ttlc.intuit.com/community/retirement/discussion/re-i-said-that-i-would-contribute-14-000-to-an-ira-because-i-would-get-a-bigger-return-for-2019-its/01/1680518#M110087 macuser_22 2020-07-14T18:17:33Z https://ttlc.intuit.com/community/retirement/discussion/re-i-said-that-i-would-contribute-14-000-to-an-ira-because-i-would-get-a-bigger-return-for-2019-its/01/1681236#M110125 <P>Perhaps this is two IRA contributions, $7,000 to this individual's IRA and $7,000 to this individual's spouse's IRA.</P> Tue, 14 Jul 2020 20:13:50 GMT https://ttlc.intuit.com/community/retirement/discussion/re-i-said-that-i-would-contribute-14-000-to-an-ira-because-i-would-get-a-bigger-return-for-2019-its/01/1681236#M110125 dmertz 2020-07-14T20:13:50Z https://ttlc.intuit.com/community/retirement/discussion/re-i-said-that-i-would-contribute-14-000-to-an-ira-because-i-would-get-a-bigger-return-for-2019-its/01/1683166#M110273 <P>Yes it is two as you stated. Thank you</P> Wed, 15 Jul 2020 01:07:27 GMT https://ttlc.intuit.com/community/retirement/discussion/re-i-said-that-i-would-contribute-14-000-to-an-ira-because-i-would-get-a-bigger-return-for-2019-its/01/1683166#M110273 bbliston1 2020-07-15T01:07:27Z