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Deductions & credits
dmertz and hesformes, Thank you!
I think you've answered this question but I just wanted to confirm: Is it OK to take a $16K insurance deduction, and also put $20K into my spouse's individual (traditional) 401k in order to get a $36K deduction on schedule 1? My goal is to minimize the amount of additional taxes that I have to pay this year. Although Turbotax allows this $36K deduction on schedule 1, it doesn't seem mathematically right to take a $36K deduction based on $20K in earnings.
Thanks again!
‎February 18, 2024
10:27 AM