IRA

Forum|Forum|6 years ago
March 10, 2020
1 reply
9 views

Turbo Tax stated that I could lessen my tax burden by getting a IRA. For my age 7000. was max. So I bought a 7000 IRA and when I entered it Turbo told me my income was too high. LOL Turbo knew what my income was before I was told to buy the IRA

ThomasM125

Level 15

The maximum amount you can contribute to an IRA can be limited by your income under certain circumstances, especially when you have a retirement plan at work.

You can withdraw the excess you contributed by April 15, 2020 and you won't be penalized for contributing too much for 2019.

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slohcinsAuthor

Level 2

That still doesn't answer my question of why Turbo told me I could save when they knew exactly what I had made. I think you have a glitch in your program.