turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

lisa_dembeck
Returning Member

Is ira contribution worksheet working correctly? it seemed to double my Nondeductible Traditional IRA contribution by adding lines 13 and 14?

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

3 Replies

Is ira contribution worksheet working correctly? it seemed to double my Nondeductible Traditional IRA contribution by adding lines 13 and 14?

Where is it adding them?

 

Line 13 is only there if you are in the deduction phase out range because you are covered by a retirement plan at work and only part can be deductible.     Line 14 comes from  your answer in the IRA contribution interview where it asks it you want to make the part that is deductible non-deductible.    If you enter the entire contribution amount, rather then only the part that is deductible then the entire amount will be on line 14. 

 

That really does not matter because line 18 cannot exceed the total amount the the contribution.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
lisa_dembeck
Returning Member

Is ira contribution worksheet working correctly? it seemed to double my Nondeductible Traditional IRA contribution by adding lines 13 and 14?

I understand, but what the worksheet did was add line 13 and 14 together to get the total that was non-deductible and that shouldn't do that. It should just take the amount on 14 that want to declare as non-deductible.

Is ira contribution worksheet working correctly? it seemed to double my Nondeductible Traditional IRA contribution by adding lines 13 and 14?


@lisa_dembeck wrote:

I understand, but what the worksheet did was add line 13 and 14 together to get the total that was non-deductible and that shouldn't do that. It should just take the amount on 14 that want to declare as non-deductible.


Where are you seeing that total?  Line 18 should be line 13 plus line 14 but cannot exceed the total contribution.

 

OH - I think I see the confusion.  The wording for the line 14 is incorrect.   It should say "The amount in line *12* that you elect to make nondeductible" , not line 13.  (Line 13 is already nondeductible - line 12 is the deductible part that you can choose to be nondeductible).  Probably just a typo in the wording.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies