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New Member

IRA

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

2 Replies
Employee Tax Expert

IRA

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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New Member

IRA

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.

 

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