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Level 1
posted Apr 1, 2024 10:14:15 PM

TT limiting IRA contribution

Turbo Tax will only allow a $400 IRA deduction for my wife. She did contribute $3000 to a roth 403b. Why can't she contribute the full $7500?  We only made about $140,000 together.

0 1 1075
1 Replies
Level 15
Apr 1, 2024 11:29:55 PM

because she's covered by an employer-sponsored retirement plan and your adjusted gross income is propabalt close to $136,000

 

there should be a worksheet in TurboTax where the allowable amount is computed

you can use IRS pub 590-A to figure her deduction

https://www.irs.gov/pub/irs-pdf/p590a.pdf