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New Member

Traditional IRA contribution

My company started offering a retirement account in November. Prior to that, I was contributing to a traditional IRA. The TurboTax program won't deduct my IRA contribution for the year stating that it can't be deducted if your employer offers a retirement program, however, they did not have one when I was contributing. Any advice on how to fix this?

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Employee Tax & Finance Expert

Traditional IRA contribution

If you are covered by a retirement plan at work (even for one month in the year), you are considered and covered. Unfortunately, this is how the tax code works.

 

As a covered individual, your IRA deduction may be limited or completely eliminated depending on your modified AGI in 2019.

 

Please read this IRS article for more information.

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1 Reply
Highlighted
Employee Tax & Finance Expert

Traditional IRA contribution

If you are covered by a retirement plan at work (even for one month in the year), you are considered and covered. Unfortunately, this is how the tax code works.

 

As a covered individual, your IRA deduction may be limited or completely eliminated depending on your modified AGI in 2019.

 

Please read this IRS article for more information.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post