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Traditional IRA Contrbution
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stephanie2
Level 2
a month ago
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I have a client who sold a rental property and is showing capital gains of $140K and has $60K of earned income. She asked me if she could contribute to a Traditional IRA, which I said that she was above the income limit to be deductible. I entered the $7K contribution and it is showing that it is fully deductible and isn't taking into account the capital gains. Should this be deductible or not?
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3 Comments 3
BobKamman
Level 15
a month ago
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Is she covered be a retirement plan at work? Is the W-2 entry worksheet marked for that?
stephanie2
Level 2
a month ago
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She does have a 401K through her work, she owns the business and collects a W2 and K1. It is not marked on the W2.
