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Level 2

Question

Income confusion

Forum|Forum|4 years ago
March 27, 2022
2 replies
16 views

I enter my income and that of my wife. When I go to make an IRA contribution the software is telling me that I made too much and I cannot contribute to my IRA and take the deduction. How can I correct this?

Alumni - Intuit

Your IRA contribution may be limited if you and/or your spouse contributed to an employer-sponsored or self-employed retirement plan in 2021. If you were covered by a plan at work or through self-employment, you may be above the phase-out range where you cannot deduct anything. The phase-out range is $105,000 - $125,000.

See this TurboTax Help article for the details of the phase-out income range.

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Kevin0510Author

Level 2

Good morning,

The answer was correct, it did a few times reading it to fully understand the meaning.

Thank you!