topic IRA reporting questions in Retirement tax questions

IRA reporting questions

mohsinmsayyad — Wed, 04 Mar 2020 02:45:24 GMT

Re: IRA reporting questions

AlanT222 — Wed, 04 Mar 2020 03:00:25 GMT

What are your questions regarding reporting your IRA?

Re: IRA reporting questions

Sebago4Me2 — Thu, 25 Mar 2021 01:23:41 GMT

Turbo Tax is not allowing my IRA contributions. It says we don't qualify because we exceed the income allowed. It says that married filing jointly when one spouse is not covered by a employer plan, the income can be up to $196k. We are not at that level and I have been unemployed in 2020. Thank you for your assistance.

Re: IRA reporting questions

ThomasM125 — Fri, 26 Mar 2021 21:47:42 GMT

If you are just reporting unemployment income, then you would not qualify for an IRA contribution since you need earned income for that and unemployment income is not earned income. So, the reason given for not being able to contribute may be misleading, but you may still not be able to make the contribution.