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Issue in Traditional IRA deduction calculation when filed jointly and both spouses not covered by Retirement Plan at Work
Hi,
We filed our joint return today and TurboTax Online keep giving wrong calculation whenever I reopened my account after last save. But when I was going through the IRA contribution section again it changes the calculation again.
Just before e-filing our taxes there were different amount due and after e-filing the amount changed. We believe TurboTax changed our IRA contribution to non-contribution even we both spouse were not covered by retirement plan at work. Since we both spouses are not covered by retirement plan at work so there should not be any MAGI limit. After filing I see form 8606 - Nondeductible IRAs in my return, which should not be there as our contribution of IRA should be fully deductible.
TurboTax claims 100% Accurate Calculations Guarantee. Please suggest what are our options and how to fix as we have to pay more now because of less deductible.
Thanks
Sunil Gupta