Question

Can I not deduct my IRA contribution of $5500? My employer's retirement plan was closed in 2016 but I received my distribution (rollover) in 2017. My AGI is $240,000.

Forum|Forum|7 years ago
June 1, 2019
1 reply
0 views

I'm getting the message that the AGI is too high to deduct, but I thought if you don't have an employer retirement plan available there is no income limit.

TurboTax Deluxe Online

M

MinhT1

If you are not covered by a retirement plan at work and are single (or married and your spouse is not covered by a retirement at work), then there is no income limit for an IRA contribution.

If you are married and tour spouse is covered by a retirement plan at work, then you cannot claim an IRA deduction if your joint Modified Adjusted Gross Income is greater than $196.000.

Please read this IRS document for more information:

https://www.irs.gov/retirement-plans/2017-ira-deduction-limits-effect-of-modified-agi-on-deduction-i...

If you are not covered by a retirement plan at work in 2017, make sure that box 13 on your W-2 form is not checked.

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