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stephanie2
Level 2
April 14, 2026
Question

Traditional IRA Contrbution

  • April 14, 2026
  • 1 reply
  • 9 views

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?  

1 reply

BobKamman
BobKamman
Level 15
April 14, 2026

Is she covered be a retirement plan at work?  Is the W-2 entry worksheet marked for that?

S
stephanie2Author
Level 2
April 14, 2026

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.

BobKamman
BobKamman
Level 15
April 14, 2026

It should be. And you should check that box on the W-2 worksheet.  

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