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December 21, 2020
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If I am self employed not covered by a retirement plan, my MAGI is over 74K, I should be able to deduct my IRA contribution but don't see that option. where do I go?

  • December 21, 2020
  • 2 replies
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Best answer by sedaghatfar

Adding to SEP will make ineligible 

2 replies

sedaghatfarAuthorAnswer
December 21, 2020

Adding to SEP will make ineligible 

Employee
December 21, 2020

A regular personal traditional IRA contribution is entered under Deductions & Credits -> Retirement and Investments -> Traditional and Roth IRA Contributions.  If you make no entries indicating that you are covered by a workplace retirement plan, TurboTax will automatically treat the regular personal traditional IRA contribution as deductible unless you tell TurboTax to do otherwise.