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April 9, 2025
Question

how to find out the IRA CONTRIBUTIONS DEDUCTIBLE AMOUNT?

  • April 9, 2025
  • 1 reply
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Can you find out the amount of IRA deductible from where?

    1 reply

    April 9, 2025

    To determine the deductible amount for your IRA contributions, follow these steps:

    TurboTax:

    • Enter IRA Contributions: Report your traditional IRA contributions in TurboTax. The software will calculate your deductible amount based on your income and whether you are covered by a retirement plan at work.  Instructions at this link to enter IRA Contributions.
    • Deduction Limits: TurboTax provides guidance on deduction limits and eligibility

    IRS:

    • Income Limits: The IRS sets income limits for deductible IRA contributions. For 2024, if your modified adjusted gross income (MAGI) is $77,000 or less (single) or $123,000 or less (married filing jointly), you can take a full deduction. For 2025, these limits are $79,000 or less (single) and $126,000 or less (married filing jointly).
    • Deduction Worksheets: Use IRS worksheets to calculate your deductible amount based on your MAGI

    For more details, check out these links: