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blondiesorganic
April 15, 2025
Question

Turbo tax says I cannot contribute to an IRA for 2024 because I did not make enough money

  • April 15, 2025
  • 1 reply
  • 0 views
I always contribute the max to my Traditional IRA. Now Turbo Tax says it is not allowed based on my earnings. How do I resolve this? Does this mean I did not earn enough for the max contribution?

    1 reply

    J
    JamesG1
    April 15, 2025

    We are not able to view your tax return.

     

    There are limitations on how much can be deducted based upon:

     

    • Your income (modified adjusted gross income), 
    • Your filing status, and 
    • Whether you are covered by a retirement plan (box 13 on your W-2).

    The modified adjusted gross income tables are found on pages 13 and 14 of IRS Publication 590-A.

     

    IRS Publication 590-A, page 9, states:

     

    For 2024, the most that can be contributed to your traditional IRA is generally the smaller of the following amounts.

     

    • $7,000 ($8,000 if you are age 50 or older). or 
    • Your taxable compensation for the year.
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