IRA Contributions

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TurboTax is telling me I can make tax deductible IRA contributions even though my AGI exceeds limits.  I have current income which has no benefits included, but I do a couple of pensions from previous employers.  Can I make contributions for 2023?

[JohnB5677 · Accepted solution]

There is no income limit to contribute to a Traditional IRA, provided you do not have a retirement plan at work.

This chart will give you the 2023 IRA Deduction Limits - Effect of Modified AGI on Deduction if You Are Covered by a Retirement ....

After you enter your Traditional IRA contribution in TurboTax, and continue the interview,

• You will be asked "Retirement Plan Coverage? Are you covered by a retirement plan at work?"
• If you answer NO, your income is not a problem.

                               

Please contact us again with any additional questions.

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Thanks!