Thx @dmertz
- What I quoted was straightly from TT, maybe it needs to be updated if out of date.
- The following line is from Worksheet 1-1. Figuring Your Modified AGI, IRS Pub 590-A, regarding calculating MAGI for traditional IRA purpose:
Enter your adjusted gross income (AGI) from Form 1040, 1040-SR, or Form 1040-NR, line 11, figured without taking into account the amount from Schedule 1 (Form 1040), line 20
Exactly what does "figured without taking into account the amount from Schedule 1 (Form 1040),
line 20" mean here? The AGI is calculated without taking into account the IRA deduction amount (Schedule 1 line 20)? But that's not true because AGI is calculated by subtracting income adjustments (Schedule 1, line 26) from the total income, and income adjustments has IRA deduction figured in. Do I not understand English? lol
And again, my original question/confusion stands - don't I need to figure out the MAGI first before I can calculate the IRA deduction? Or, is it just as what you mentioned before, this is an experimenting process - you tell TT how much you want to contribute and TT tells you how much of that contribution is deductible?
Thirdly, TT calculates the MAGI by taking the AGI and adding back the IRA deduction, that does not seem to comply with the guide, does it? Not that I am obsessed with finding TT's error, but if it's wrong, a lot of people may end up with smaller amt of IRA deduction.
