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Deductions & credits
"Turbotax calculated that my allowed contribution limit was $5188 and my wife's was $4050, which makes no sense."
You're right, it doesn't. The problem is that TurboTax doesn't handle the sharing of the Family limit properly - it gives you the max amount for each spouse assuming that the other spouse is using any of it. So just ignore it.
"I think your numbers are a bit off since it should be 6 months of family and 4 months of single "
Ah, you did not mention that you switched to Self-only. A lot of people in your situation just continue the Family policy (it's legal to do this even when your spouse goes on Medicare) and drop the entire policy when you go on Medicare. OK - your numbers sound good. And good on you for piling up savings.
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May 17, 2021
6:37 PM