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IRA deductibility error
The 2024 Premier program is allowing full deductibility for both my wife and I for a traditional IRA despite the fact that our MAGI is well above the limits for MFJ and one spouse with a retirement plan at work ($146k). I think it is only considering my W-2 wages, but other income such as IRA distributions makes our MAGI well above the income limit for full deductability of a traditional IRA. My finanical advisor tells me the we can't deduct.
This is the second time I have discovered errors in TurboTax so it will be my last year using the program.
March 24, 2025
2:11 PM