turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Kevin0510
Returning Member

Income confusion

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?

 

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies
PattiF
Expert Alumni

Income confusion

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.

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Kevin0510
Returning Member

Income confusion

Good morning,

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

Thank you!

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question