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Category: Adjustments

I was covered by a retirement plan at work. Will this affect the amount of my IRA deduction?

If you were covered by a retirement plan (qualified pension, profit-sharing, 401(k), annuity, SEP, SIMPLE, etc.) at work or through self-employment, your IRA deduction may be reduced or eliminated.  This depends on the level of your income. 

The program will ask if you (or your spouse, if married) were covered by a retirement plan when you are entering your IRA Deduction information.  By answering these questions, the program will determine if your deduction is limited and calculate the amount of your deduction, if allowable.


For more information regarding income limitation and deduction limits, please review Publication 590-A


Program Entry: To report your IRA Deduction, log into your account and go to: 

1. Federal Section

2. Deductions

3. Enter Myself

4. Adjustments

5. IRA Deduction