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

Forum|Forum|11 months ago
April 15, 2025
1 reply
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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?

JamesG1

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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