rjs
Level 15
Level 15

Retirement tax questions

"The talk" is basically correct. Only the additional 50% is deductible. And the total deduction is limited to $12,500 per person. There is no 80 hour requirement. The deduction phases out for MAGI over $150,000 (over $300,000 for Married Filing Jointly filers). And the deduction for overtime is only available for years 2025 through 2028.