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G
Gkallenbach7
March 7, 2020
Question

Contribution to a traditonal IRA

  • March 7, 2020
  • 1 reply
  • 0 views

I am receiving a monthly pension from my previous employer and also received a W2 in 2019.  Am I able to take the deduction for the contribution made to the IRA.  How do I answer the question in TurboTax am I covered or do I select not covered since I am now and was retired all of last year?

    1 reply

    D
    DanaB27
    March 7, 2020

    It seems as if you are able to deduct the contributions since you received wages on your W-2. If you no longer were covered by a retirement plan at work then select not covered.

     

    For 2019, your total contributions to all of your traditional and Roth IRAs cannot be more than:

    • $6,000 ($7,000 if you're age 50 or older), or
    • your taxable compensation for the year, if your compensation was less than this dollar limit.

    Wages, salaries, tips, professional fees, bonuses, and other amounts you receive for providing personal services are compensation.

     

     


     

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