Question

Deductible IRA

Forum|Forum|5 years ago
April 16, 2021
1 reply
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My AGI is $74,654 and I have no tax exempt interest or unusual deductions (use standard deduction). My filing status is married filing jointly. I am covered by a 401-K at work. TurboTax calculates that my wife and I are not eligible for an IRA deduction. It seems my MAGI is well below the cutoff. Can you tell me why not?

B

BillM223

It sounds like you have already reviewed the rules for deductible IRA contributions. Did you complete the worksheet 1-1 in IRS Pub 590-A to confirm what your Modified AGI is?

Do you have the CD/download TurboTax software, or have you already paid for the Online product?

If so, then you should be able to look for the IRA Contributions Worksheet ("IRA Contrib Wks") - this shows how the amount of deductible IRA contributions was calculated.

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