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Retirement tax questions
Thanks for the prompt response. I take it then that Turbo Tax is adjusting the credit based on our joint 2020 AGI being in the phase out range 104K-124K [eg partial deductible credit].
Would the difference between the allowed partial credit and the full funded amount of $7K be considered/need to be indicated as a nondeductible contribution [Form 8606]?
March 12, 2021
11:45 AM