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Married and filing joinly, my wife is covered under a retirement plan and I am retired receving a pension, can I take deduction for traditional IRA?

Forum|Forum|7 years ago
June 5, 2019
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Best answer by DanielV01

It depends. Please note this FAQ that describes this subject: https://ttlc.intuit.com/replies/3301534.

If your joint income is under 186,000 you could be able to take the credit, but there is an age limit as well. Please see this IRS website link: Retirement Topics IRA Contribution Limits | Internal Revenue Service, where you'll see this excerpt:

IRA contributions after age 70½

You can’t make regular contributions to a traditional IRA in the year you reach 70½ and older. However, you can still contribute to a Roth IRA and make rollover contributions to a Roth or traditional IRA regardless of your age.

As long as your income is under 186,000, and you did not turn 70 1/2 last year, then you are able to take the deduction.

DanielV01Answer

Employee

It depends. Please note this FAQ that describes this subject: https://ttlc.intuit.com/replies/3301534.

If your joint income is under 186,000 you could be able to take the credit, but there is an age limit as well. Please see this IRS website link: Retirement Topics IRA Contribution Limits | Internal Revenue Service, where you'll see this excerpt:

IRA contributions after age 70½

You can’t make regular contributions to a traditional IRA in the year you reach 70½ and older. However, you can still contribute to a Roth IRA and make rollover contributions to a Roth or traditional IRA regardless of your age.

As long as your income is under 186,000, and you did not turn 70 1/2 last year, then you are able to take the deduction.

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axelmollyAuthor

Thanks TurboTaxDanielV Our income for 2017 is under $186,000 and we both are under 70 1/2. I was terminated the end of Oct. 2016 and received a one year severance, 10 months of which was reported on my 2017 W-2. In addition I began receiving my pension the beginning of Dec. 2016 and then the entire year 2017 which was reported on my 2017 1099-R. Question, box 12a on my 2017 W-2 shows amount of $288. and the letter "D" and Ret. plan is checked. The $288 was a deferred payment to my 401K plan, which should of been made the end of 2016 before my retirement started in Dec. 2016. Am I able to deduct $6500 contribution to a traditional IRA? Thanks