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Get your taxes done using TurboTax
The deduction is limited to $10k for contribution but the earnings don't have a limit, whatever is in your federal return interest can be adjusted as a deduction. Your contributions and interest earned both apply toward the 10 year limit.
Have the reached your maximum allowed deduction? The subtraction modification may be claimed for up to 10 years and for a maximum earnings amount of $50,000 during the 10-year period per person.
I was able to enter more money. If you have been taking extra amounts allowed for interest, that reduces your timeline. Check to see what deduction you have left.
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‎February 18, 2025
9:41 AM