Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

Turbotax says I cannot make an IRA contribution for 2017. I…

Customer Question
Second opinion] Turbotax says...

Second opinion] Turbotax says I cannot make an IRA contribution for 2017. I am now 68 as of 01/18. I made a cont. last yr $5000 (limit $6500). Why would I not be able to this yr?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

Want to make trad Ira cont. for 2017. Can I? Is it based on income? what else do u want 2 know?

Accountant's Assistant: Is there anything else the Accountant should be aware of?

Like what?

Submitted: 1 month ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 1 hour by:
3/12/2018
Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 1 month ago
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,162
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified

Hello!

My name is***** will assist you today.

Please give me one moment while I review your question and type my initial response

Ask Your Own Tax Question
Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 1 month ago

The contribution limits have remain ed the same for 2017 as they were in 2016, which is up to $6,500 since you are over the age of 50.---The deduction amount is based, in part on income.

If you and your spouse have earned income and are not covered by an employer sponsored plan at work, then you are able to contribute the full amount and and deduct your contribution. Below is a link for your verification.

https://www.irs.gov/retirement-plans/2017-ira-deduction-limits-effect-of-modified-agi-on-deduction-if-you-are-not-covered-by-a-retirement-plan-at-work

____

If you or your spouse does have access to an employer sponsored plan and have earned income you are still able to contribute to an IRA. The IRA contribution may or may not be deductible based on your total adjusted gross income.

For example if your income is more than $99,000 but less than $119,000 a partial deduction.

Please let me know your follow up questions or if you have any further information for me so that I may answer your question more specifically.

Thank you.

Ask Your Own Tax Question
Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 1 month ago

Hello.

Please let me know if this has answered your question or if you have any additional questions.

When you have no further questions a positive rating of 5 stars is much appreciated.

Thank you!

Ask Your Own Tax Question
Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 1 month ago

Please let me know if this has answered your question or if you have any additional questions.

When you have no further questions a positive rating of 5 stars is much appreciated.

Thank you!

Ask Your Own Tax Question
Was this answer helpful?
Ask Chad EA, CFP ® Your Own Question
Chad EA, CFP ®
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,162
2,162 Satisfied Customers
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA

Chad EA, CFP ® is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,451 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

56 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,124 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
Adjusted gross income of 79084, single, over 65. How much is
adjusted gross income of 79084, single, over 65. How much is my tax … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,931 satisfied customers
I have Adjusted Gross Income of 4332., I had kind of a lean
I have Adjusted Gross Income of 4332. , I had kind of a lean year with me using some savings, I do not have a record of how much. It takes about 10,000 to help me through a year like this I do not kno… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,931 satisfied customers
For 2018, what is the income limit to be able to deduct
for 2018, what is the income limit to be able to deduct rental losses … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
My adjusted gross income is $13,539. $8560 from a pension
My adjusted gross income is $13,539. $8560 from a pension from my ex-husband, $14204 from SS and $4706 from a bank I retired from which I will no longer be receiving. Do I need to pay taxes on my Soc … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have a question about IRS deduction. I am divorced and my
I have a question about IRS deduction. I am divorced and my ex-wife gets half of my retirement pay per the divorce decree. She is paid directly by DFAS. Am I allowed to deduct the portion paid to my e… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
Tax deductions. Can i deduct the conversion on my income
tax deductions JA: The Accountant will know how to help. Please tell me more, so we can help you best. Customer: can i deduct the conversion on my income taxes JA: Is there anything else the Accountan… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
Earned income credit, single and no children income 1392
earned income credit, single and no children income 1392 social security 15996.00 … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,931 satisfied customers
The IRS is questioning my deduction to travel to an office
Hi, the IRS is questioning my deduction to travel to an office where I have a private practice on the weekends. My regular job is as a social worker in a medical clinic. My weekend self-employment is … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,931 satisfied customers
I need my adjusted gross income from the taxes I filed last
I need my adjusted gross income from the taxes I filed last year with TurboTax I do not have a copy of return … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,931 satisfied customers
Are funeral expenses deductible on IRS personal return? My
Are funeral expenses deductible on IRS personal return? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
If my adjusted gross income is less than 10,000.00 dollars
If my adjusted gross income is less than 10,000.00 dollars I'm single over 65 not working anymore do I need to file a tax return?? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
Has the IRS made any ruling on the deduction of state
Has the IRS made any ruling on the deduction of state withholding tax and real estate taxes on Schedule A for 2018. Will there be a requirement to deduct withholding in total before moving to real est… read more
abci168
abci168
Principal
27 satisfied customers
What is the IRS section that allows deduction of Portfolio
What is the IRS section that allows deduction of Portfolio Manager fees from annuities in the portfolio? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
I NEED MY 2016 ADJUSTED GROSS INCOME. I NEED GROSS INCOME TO
I NEED MY 2016 ADJUSTED GROSS INCOME JA: The Accountant will know how to help. Please tell me more, so we can help you best. Customer: I NEED GROSS INCOME TO FILE 2017 TAXS JA: Is there anything else … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,931 satisfied customers
I'm retired, about 24,000, adjusted gross income for 2017. I
I'm retired, about 24,000, adjusted gross income for 2017. I am going to sell my owner occupied duplex that I've had for 29 years. I rented half for a few years, but haven't rented it in over 10 years… read more
Carter McBride
Carter McBride
LLM
966 satisfied customers
Under the new tax plan if my federal adjusted gross income
Under the new tax plan if my federal adjusted gross income is $77,230.00 how much are my federal taxes? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,931 satisfied customers
On line 37 my 2015 Form 1040 I had an adjusted gross income
On line 37 my 2015 Form 1040 I had an adjusted gross income of $291,546. on my Amended 1040X for 2015 I have taxable income of $179,542. How do I get proof of this to get an adjusted MAGI to give to M… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,931 satisfied customers
A 71 YEAR OLD TAXPAYER IS RETIRED (NO EARNED INCOME) AND HAS
A 71 YEAR OLD TAXPAYER IS RETIRED (NO EARNED INCOME) AND HAS A 401K WITH HIS PRIOR EMPLOYER FROM WHICH HE HAS BEGUN TO TAKE HIS MRD. HE WOULD LIKE TO TAKE THE 401K BALANCE AND MOVE IT TO A ROTH IRA. H… read more
Chad EA, CFP ®
Chad EA, CFP ®
CERTIFIED FINANCIAL PLANNER TM, Professional
2,162 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x