There are two parts to the question:
So here is my situation; I retired in late 2022 and began withdrawing from my IRA in 2023. However, since I did retire in late 2022 I received a bonus in early 2023 for my work in 2022. During my time with the employer I did participate in their 401(k) program. Questions:
Thanks for any input .
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Yes, You (and possibly your wife) can make IRA contributions if you have earned income.
1. Yes, you can contribute $6,500 ($7,500 if over 65) to an IRA.
2. The 2nd line on the IRA contribution screen asks how much of that contribution was made in 2024.
Should I enter the whole IRA contribution in this line? -
Since all of it would be made in 2024 I enter the whole amount.
When I enter the amount on the first line the deduction is recognized and the tax adjustment made.
However, when I add the amount 2nd line (made in 2024) the IRA contribution is reversed out and tax calculations revert back to what it was previously.
When I make the entry for my wife there's no issues; the contribution is recognized and tax adjusted accordingly.
Please contact us again with any additional questions or to provide some additional details.
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