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Declaring an IRA contribution INCREASES my owed tax !?
ok, married couple both retired in our '60s. Did taxes with TurboTax desktop and we owed like $700 for 2022 for Fed/State combined. Wanted to see the effect of making contribution to traditional IRA. So mocked in $2K each for my spouse &I. Watched the computed tax go up after that was entered.
What am I missing?
We both do get pensions from former employer. AGI $83K (pensions), taxable is $53K after deductions.
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‎February 18, 2023
6:15 PM