Why will the system not accept my additional 401K deduction? I
I am filing jointly. My income is 83,227 and my wife is 52,241. I own the 401K and want to make a $2,000 contribution. The system is telling me my AGI is too high.
I am filing jointly. My income is 83,227 and my wife is 52,241. I own the 401K and want to make a $2,000 contribution. The system is telling me my AGI is too high.
If you're covered by a retirement plan at work, use this table to determine if your modified AGI affects the amount of your deduction.
Married filing jointly and
$101,000 or less
a full deduction up to the amount of your contribution limit.
more than $101,000 but less than $121,000
a partial deduction.
$121,000 or more
no deduction.
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