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January 28, 2020
Question

Why did turbo tax screw us out of 600 by not accepting my wife IRA contribution went from 3800 to 3200

  • January 28, 2020
  • 1 reply
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1 reply

January 28, 2020

Is this a contribution to a traditional IRA? Are you and/or your spouse covered by a retirement plan at work? Your deduction may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels.

 

Please review the IRS Retirement Topics - IRA Contribution Limits:

 

 

 

Your total contributions to all of your traditional and Roth IRAs cannot be more than:

  • $6,000 ($7,000 if you're age 50 or older), or
  • your taxable compensation for the year, if your compensation was less than this dollar limit.
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