@PayPerPeddler wrote:
I am in that boat. My MAGI will be $150,013. I want to amend and add $100 to my IRA to get below the threshold. Turbo Tax is being very vague on everything.
Yes, you can amend prior to May 17 and add an IRA contribution for 2020, but note that if you are covered by a retirement plan at work then it might not be deducible. See this IRS link for the limits.
https://www.irs.gov/Retirement-Plans/IRA-Deduction-Limits
Also note that amended returns are currently taking about 4-6 months to process so you will not see any results for months.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
