Question

Why is a deduction for IRA contributions not allowed in 2020 per Turbo Tax when in past years we were able to declare a deduction of $6000 per person when filing jointly?

Forum|Forum|5 years ago
February 23, 2021
1 reply
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Turbo Tax promised to explain this after all our tax calculations were made, however, I didn't see this promised explanation. Has there been some change to tax law that I am not aware of?

TurboTax Deluxe Online

DaveF1006

It may be because the income levels were too high for the Traditional IRA contributions. Please read this link for more details.

it also may be limited if you already have a retirement plan at work. Please read this link if you are covered by a retirement plan at work because if you are, your contribution is limited.

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