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Traditional IRA contribution

Forum|Forum|6 years ago
January 16, 2020
1 reply
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My company started offering a retirement account in November. Prior to that, I was contributing to a traditional IRA. The TurboTax program won't deduct my IRA contribution for the year stating that it can't be deducted if your employer offers a retirement program, however, they did not have one when I was contributing. Any advice on how to fix this?

Best answer by MinhT1

If you are covered by a retirement plan at work (even for one month in the year), you are considered and covered. Unfortunately, this is how the tax code works.

As a covered individual, your IRA deduction may be limited or completely eliminated depending on your modified AGI in 2019.

Please read this IRS article for more information.

M

MinhT1Answer

If you are covered by a retirement plan at work (even for one month in the year), you are considered and covered. Unfortunately, this is how the tax code works.

As a covered individual, your IRA deduction may be limited or completely eliminated depending on your modified AGI in 2019.

Please read this IRS article for more information.

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