DIY Products

DIY Products

Whether you’re an experienced do-it-yourselfer or doing your own taxes for the first time, this is your place to learn and share. Here you’ll find information and resources for using H&R Block’s online and software DIY solutions. You’ll also find links to more information to assist you on your DIY journey.

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Pioneer
Posts: 2
Registered: ‎02-16-2017

Deducting Traditional IRA's

I deposited $4000 into a retirement account through my employer. Can I still deduct an additional $6500 from traditional IRA or does it max out with $1500 (I am over 50).
Esteemed Pioneer
Posts: 15
Registered: ‎02-04-2018

Re: Deducting Traditional IRA's

[ Edited ]

Are you sure your retirement plan through your employer is an IRA? Typically retirement plans provided by an employer are not (401k, etc). SEP/SIMPLE IRAs are the exception. 

 

https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-simple-ira-plans