I have contributed to my traditional IRA for the f...
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
wylierr
Returning Member

I have contributed to my traditional IRA for the first time I contributed to it since retirement. TT is asking for my IRA value, never has before. Is this new? never has before.

 
2 Replies
macuser_22
Level 15

I have contributed to my traditional IRA for the first time I contributed to it since retirement. TT is asking for my IRA value, never has before. Is this new? never has before.

A possibility is that you contributed more then your taxable compensation and are subject to a penalty if the value of the IRA is more than zero at years end.   The last screen of the IRA contribution interview will tell you if that is the case.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
VolvoGirl
Level 15

I have contributed to my traditional IRA for the first time I contributed to it since retirement. TT is asking for my IRA value, never has before. Is this new? never has before.

Are you over 70 and taking the RMD?  Have you ever made any non deductible contributions?  If you are retired you need earned income from W2 wages or self employment income to contribute to an IRA.

Dynamic AdsDynamic Ads
v
Privacy Settings