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Retirement tax questions
@macuser_22 Yes that is how I reported the Traditional IRA contribution. After going through the steps interview, Turbo Tax said good news we qualified for the IRA deduction. However, it did not place the $5500 from steps interview, into the actual form 1040, Schedule 1 line 32. My CPA caught this. We even went through the entire process again with the steps interview got exact same results - no $5500 on line 32, and it also wasn't calculating! I just completed my 1040X. I'm very concerned this may have happened to other users. We will be getting a good amount back for this correction. It also was brought to my attention that TurboTax is not calculating my rental depreciation properly! Even though it's set up as a 27.5 yr asset, we ran the numbers and it is definitely wrong! My CPA knows of another client this happened to. I've used turbo tax for over 10 years but this may be the last time.