Question

If I make 68K a year and am a 54 y o single woman and I maxed out my Roth IRA at 7500, why is Turbo Tax not giving me the deduction?

I thought it was over 77K this year to not get it.

Employee

You don't get a deduction with a Roth IRA. The advantage to a Roth IRA is that distributions later will be tax free.

With a traditional IRA you can receive a deduction and then you pay tax later on the distributions.

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